MANAPPURAM A Multi Baggger ?

It seems Malappuram is a multi bagger in the making which can see 400 + in the next 2 years
Analysis :
After a 5 wave impulse move completing wave 1 of the Primary in January 2010. It went in to a complex correction finally forming a FLAT structure that corrected to the 0.618 Fib level completing the wave 2 of Primary.
So now its all set for wave 3.

Confirmation of completion of correction
1. Two consecutive inverted hammer in the weekly chart and a closing about it, confirming a reversal
2. RSI in the weekly chart at the oversold levels of around 30 - same as that in March 2020.
3. The FIB level of 0.618
4. Break out from the channel of the C wave of the FLAT.

So now all set for the 3rd wave which itself should take it around 380 - 1.618 fib level of wave 1-2

Even I had earlier posted about this but that was certainly a bit early - but it chose to correct to 0.618 levels

So fasten your seat belts as 3rd waves are normally pretty steep and faster :)

This is just my view and not a trade recommendation...


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