Elixir Securities Limited – Elixir Grid
Karachi, January 05, 2018 (PPI-OT): ENGRO Corporation – ENGRO PA: Breaking Out of the Downtrend??
Engro has been on a rising mode moving inside a descending channel as visible on its weekly time frame. After making a double bottom reversal from the channel support at 249 the price action is now challenging the descending resistance at 285. Succeeding this break would abandon the current bearish structure with 295/ 297 levels insight at the first attempt. Sustained progression above this area would put the stock on a higher climb to the levels of 309/ 314.
On the flipside, if the channel resistance keeps the gains in check, the price could head back towards supports at 280.60 and 278.50 next, while a break below this would turn attention to 273.50/270 levels.