Technical Analysis of Matin Spinning Mills Limited on 15 March 2017
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Index: Early morning bulls broke the Resistance but after the first 10 minutes, bears gave them a beating and the output was a lot of bearish candles - I would be cautious to trade now!
Fundamentals: I do not know much about the company. Profit declined in 2016 and also in the recent quarters. There is an expansion story but it is not reflected in reported profit. However, it regularly gives Cash Dividend >20%. PE is high ~24.
Interestingly Institutes own >50% shares.
Now to the Technicals: From early-Feb to early-March, there was a ~35% price rise after which it is retracing. Today's candle after Fibo 50% might encourage risk-takers (SL - 41) - if there's another bull move.
I would prefer to watch . . .
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