Elixir Securities Limited – Elixir Grid

Karachi, February 06, 2018 (PPI-OT): SNGP PA: Consolidating for Another Rise?

SNGP has been consolidating above its daily 144 EMA after advancing nearly 54% from a low of 81.08 formed in December last year. Moving ahead, ability to hold above 118 levels maintains a bullish bias while the upside move will depend on the direction of the break of short-term levels as per daily charts. If the resistance at 124.65 gives way, then there is further overhead resistance seen till 127.30. Sustained progression above this area would indicate resumption of the whole rally towards 135.30 and 138.50 next. On the flip side, any break below 118 support would dampen any bullish view in near term and open doors for move lower towards the supports at 114 and 109.50 next.

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