Karachi, December 18, 2017 (PPI-OT): Engro Corporation Limited – ENGRO PA: Bouncing Off the Horizontal Support
Engro has been selling off recently but it appears to be stalling at a longer-term correction level. The weekly studies reveal that the stock is stalling near the long-term horizontal support at 250/ 249 levels and might be due for a bounce. Stochastic and RSI are also on the move up indicating that buyers are taking control of the price action. If so, a sustained break above 271 would open further upside to the levels of 280 and 283 next. Ability to hold onto this area would create room for the next move towards 292/ 293.
On the flipside, any break below the key support at 264.15 would dampen any bullish view and indicate resumption of a bearish spell towards 257 support. Further down, a break below this area would be a sign of further bearish correction to the levels of 250 and 245 next.