EFOODS Engro Foods Analysis 08 Oct 2013
Downside Prevails
Our Pivots: 106.51
Our Preference:Short Sell Efoods below 103 with a strict stop loss of 106.51 and profit target at 94.12, Penetration of 94.12 will call for 83.37 in Efoods.
Alternate Scenario: Upward Penetration of 106.51 will call for 111.16
NOTE: EFOODS is moving back after fulfilling its 38% correction and also getting resistance from a rising trend line, now its in expansion mode of its bearish rally and can target 94 so its recommended to initiate short selling in EFOODS.
Recommendations:
For New Entries (Buy Short Sell below 103 and 102.41)
Weekly Chart with Supports and Resistance:
[embedit snippet="efoods1"]
3 COMMENTS
John Doe
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