EFOODS Engro Foods Limited Short-Term Analysis 09 May 2016

Turning Down

Our Pivot: 170

Our Preference: Short sell below 159 and average it out till 164 with strict stop loss of 170 and target at 148 and 141.

Alternate Scenario: Upward penetration of 170 will call for 176 and 179.

NOTE: EFOODS have formatted a bearish trend channel on weekly bases and right now its gettign resistance from a horizontal resistance.

Recommendations:

Short sell below 159 and average it out till 164 with target at 148 and 141.

Chart with Supports and Resistances: