ENGRO and the Rs. 322 resistance meet again!

ENGRO Corporation (ENGRO) is inching up closer to the Rs. 322 mark which has acted as historic resistance on the unadjusted chart.

The last time it went close to that resistance mark was due to an extraordinary event, namely the Rs. 40 dividend that the company announced in April 2023. This time however, the run up has come in a bull market, where the index has gone up over 60% in just a few months.

As the market heats up and bulls exhaust, the rally might come to an end soon and with the stong resistance at 322, people might want to take profit and wait for further price action on the chart.

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ENGRO shares closed at Rs. 314.92 on the last trading day.

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →