Categories: Technical Analysis

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.

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

Price Action

Recent Posts

AGP Healthcare for a Better Tomorrow

AGP Limited (AGP) monthly market structure is showing strong bullish trend. Even this stock broke…

1 week ago

Why dividends cause share price drop if they’re paid from earnings?

When a dividend is paid, the share price drops by approximately the same amount because…

3 weeks ago

MUGHAL right shares – 3 things to know before subscribing

On November 5, 2024, Mughal Iron & Steel Industries Limited (MUGHAL) announced a unique rights…

1 month ago

How to analyze pharmaceutical sector

How to analyze pharma sector companies in PSX. Pakistan's pharma sector is considered a complicated…

1 month ago

Shifa International (SHFA) has returned 150% in two months, will the rally continue?

Shifa International (SHFA) has already rallied 150%, but there is still more upside to the…

2 months ago

How is HMB handling financial challenges to grow?

Habib Metropolitan Bank Limited (HMB) recently released its second-quarter results for 2024, revealing a mixed…

3 months ago