TIMKEN trade ideas
TIMKEN INDIA: WATCHLISTEDTIMKEN INDIA. Likely gathering some momentum. Waiting for volume confirmation. Watchlisted for now.
Disclaimer: This idea has been posted strictly for educational purposes only and any investment shall be taken post proper due diligence and consultation of a certified Financial Advisor
Buy Timken above 976I will be buying timken above 976
Technical: stock quickly recovered from recent COVID-19 crash lows. the price has been contracting, last few days price action looks constructive.
Fundamental:
This stock shows good sales and profit growth.
5 years of sales growth - 18.3%
5 years of profit growth - 26.7%
Margins at a record high of 22%, although this doesn't look sustainable
TTM earnings up 65%
Timken India Buy for a target of 931-959Timken India Buy for a target of 931-959 keep 906 as stop loss for this trade.
TIMKEN weekly chart studyAs seen on Timken weekly chart, every correction from the peak took almost 48 weeks to form a bottom. Going by the same pattern we can expect it rally beyond all time high.
Buy on dips towards 630-600 zone maintaining SL at 540
INVERTED HEAD AND SHOULDER PATTERNNeed couple of weeks closure above 650
to confirm the pattern
Positional Target:- 900
short the stock as we can see the bearish divergence there and dark cloud cover there it totally looks that the stock is overextended and giving bearish look
