Scrip has given breakout from right leg of H&S inverted pattern and gap is formed however, breakaway gap is needed with bulls taking the lead for momentum.
Bullish momentum sign
1) SMA - Price range is above SMA-15 and SMA-200 and SMA-15 is above SMA-200 which gives strength to ongoing momentum
2) Didnt get affected much during recent NIFTY 0.70% corrections
3) Volume increase during past few sessions
4) Future positive forecast of the company due to several govt. reforms in pipeline:
rakesh-jhunjhunwala....tock-recommendation/
Aiming towards Price target after confirmation. Rest in charts
www.screener.in/company/EVERESTIND/
Risk reward favorable with Price to book value: 1.75, Price to Sales: 0.54. Also, The company has reduced debt
However, Negative cash flow - Con should be kept to watch for
Bullish momentum sign
1) SMA - Price range is above SMA-15 and SMA-200 and SMA-15 is above SMA-200 which gives strength to ongoing momentum
2) Didnt get affected much during recent NIFTY 0.70% corrections
3) Volume increase during past few sessions
4) Future positive forecast of the company due to several govt. reforms in pipeline:
rakesh-jhunjhunwala....tock-recommendation/
Aiming towards Price target after confirmation. Rest in charts
www.screener.in/company/EVERESTIND/
Risk reward favorable with Price to book value: 1.75, Price to Sales: 0.54. Also, The company has reduced debt
However, Negative cash flow - Con should be kept to watch for
Comment:
Surging with high bullish momentum