LONG TERM OBSERVATION ON VERGE OF BIG BREAKOUT TARGET 3000 PLUS
Been adding this company share for a while now 1 year or so . Going to be invested for long time , The thing I observed here is another good breakout is right on the verge .
1. 4 times resisted 2100-2200 price range , now coming back 5th time with the backing of excellent result.
2. As marked in charts breakout is due as it it regularly moving in upper band wave with nice volumes.
3. As the next result may come out in October and as the company has already expanded its input capacity from 75000 to 120000, it will show in the next quarterly result , fundamentally the price will move to around 2500-2600 range by the time results come out.
4. As one can see accumulation is going on in the 1850-1950 range , marked those area as support.
5. Company is backed up by Prem Watsa also referred to as Canadian warren buffet , he mostly invests in long term fundamentally strong stocks and as I researched found that he has been invested in this company long before the IPO I guess from around 2016 or before that.
6.The stock managed to stay tight at 1900 above even on Monday 29 august when the market was in such high pressure being a small cap company this is a tremendous good quality .
I have marked more major wave technical patterns with multiple breakout possibilities. high probability of a breakout .
final remark hold tight we might get a multibagger out this company.
1. 4 times resisted 2100-2200 price range , now coming back 5th time with the backing of excellent result.
2. As marked in charts breakout is due as it it regularly moving in upper band wave with nice volumes.
3. As the next result may come out in October and as the company has already expanded its input capacity from 75000 to 120000, it will show in the next quarterly result , fundamentally the price will move to around 2500-2600 range by the time results come out.
4. As one can see accumulation is going on in the 1850-1950 range , marked those area as support.
5. Company is backed up by Prem Watsa also referred to as Canadian warren buffet , he mostly invests in long term fundamentally strong stocks and as I researched found that he has been invested in this company long before the IPO I guess from around 2016 or before that.
6.The stock managed to stay tight at 1900 above even on Monday 29 august when the market was in such high pressure being a small cap company this is a tremendous good quality .
I have marked more major wave technical patterns with multiple breakout possibilities. high probability of a breakout .
final remark hold tight we might get a multibagger out this company.
Comment:
EXITED MY POSITION SO WANTED TO UPDATE. exited at 2240 today.
Too much hype .
Fair fax planning to sell majority stake at 20-30 percent premium so the share is upmoved .
It can be good it can be bad I don't know .
The only issue I get is promotors quitting just before result announcement may be a major trap for retail people , be cautious .
Company is not bad at all I will still hold some quantity .
price may rise till 2500 or trip down suddenly .
Too much hype .
Fair fax planning to sell majority stake at 20-30 percent premium so the share is upmoved .
It can be good it can be bad I don't know .
The only issue I get is promotors quitting just before result announcement may be a major trap for retail people , be cautious .
Company is not bad at all I will still hold some quantity .
price may rise till 2500 or trip down suddenly .
Next breakout of 2120 will confirm a very nice and clean breakout.
HOLD