This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Delta Life had an eight-month rally (from April to November 2021) after which it is under-going correction.
The next leg of correction can only occur IF Floor price is removed.
This analysis is IN-valid if its price crosses 175 in future.
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Its earnings are OK - but DEBT is the challenge.
If we assume that current move is Wave 4, then in future an up move (Wave 5) possible given that it does not close below 82. A close below 82 would make this analysis invalid.
First it needs to stop falling and then consolidate above 82+ . . . So let us watch to see future price action . . .
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
There is nothing much fundamental about GQ - it has been in losses over the last 5 years . . .
There was a rally early from Oct to Early December (2023) after which it is under-going correction.
It looks like a FLAG formation.
A break-out from the flag might instigate a bullish move (we have to add the pole distance to get a rough target).
Break-down below 141 might not be good (Stop Loss point).
We could watch in coming weeks what happens?
This is no buy/sell recommendation - just a trial to see if
Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Intraco had a bullish run in last few months after which it has been under-going correction.
A cycle of correction is near completion. We may watch price action.
Once total correction is complete, we could expect another rally . . .
Rising Interest Rates and Stagnant Stock Market in Bangladesh
Nov 2023
Interest rates are on the rise. They were around 12~13% in 2012-2013.
The absolute number is not the issue. As the prevailing consensus is that rates are likely to rise, funds are likely to move to the Money Market to take advantage of relatively low-risk returns.
Let us hypothesize that rates would stabilize around 13% (unlucky number!). At some point in future, rates are likely to fall. Say they fall steadily from 13% to 10%. When the prevailing consensus will be that rates are likely to fall further, markets will look for alternative options.
At that time, some equities with yield around 7~9% will likely make them an attractive alternative option. Furthermore, some under-valued stocks would imply around 20~30% return in 2-3 years which would attract investment. Later on, once easy money is in place, a bullish rally might ensue . . .
What is the Technical view of the charts?
Technical Analysis of DSE-X index.
It seems the Index is in ABC correction mode.
A could be taken from Oct 2022 High ~ 7410 to 5963 in July 2023 = roughly 1,447 points down.
After that, we are seeing low volatility movement - at times around 70~100 stocks participate in this counter-trend. We could call this "B" with a High of 6677 (which retraced just below 50% of A).
Theoretically speaking, we are waiting to see Wave C down (but Floor price is interfering for the time being). Moreover Wave C is pending in many stocks. Let us see what happens . . .
This is no buy/sell recommendation - just a trial to see if
Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Olympic had a six-month rally (from Nov 22 to April 23) from 113.5 to 180.
After that we saw a correction to 141 - calling it Wave A.
Then we had a weaker rally on low volume to ~163 - Wave B.
Thus, Wave C pending. It could be from .62A (~139) to 1.62A (~100).
There is Support around 138~140 - we may watch if this holds. But if 138 is broken in future, then assuming A=C, the down move could take price to ~124.
We could expect a rally after that.
Warning: Worst case might be near 100. Hope it does not break 100 - then would have to re-do the analysis (for a bearish scenario).
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
MONNOAGML had a bullish rally from mid-22 to 2023. After that it is under-going correction.
There are two possibilities.
Bullish:
The fall from 949 High of 29 Oct 2023 could possibly be the last lag of
the correction. Once this is over, then we could get another bullish
move (after some consolidation) in future.
Bearish: The 5-wave sequence from 1183 (on 14 June 2023) to ~702 fell about 481 points. This might be Wave 1. Then the subsequent correction to 949 could be Wave 2. We need to watch the next price movements - to determine if it is Wave 3? If price falls below 468 (which seems unlikely at the moment), then there could be trouble.
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
After its IPO debut in April 2021, it had a bullish move from 55+ to 148 (Aug 2021).
From then on, it is under-going (FLAT) correction.
62 Fibo = 91
Support ~ 95
Floor@Block = 93.2
Theoretically, after its correction is over, we will possibly get another rally. So we could watch once it starts trading.
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
There is nothing much fundamental about Al-Haj.
Floor = 132.10
There was a rally early in the year (2023) and then it is under-going (FLAT) correction.
It seems this phase of correction is nearing its end (few more days probably) - it has some space to fall further and even get stuck at floor.
But we could watch in coming weeks whether it produces another rally or not?
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
eGen started trading on 23 Feb 2021.
It had a stellar run from 15 to ~70.
After that, it has been undergoing correction (FLAT).
Taking C=A, the down target is 40.5 (Floor at Block Market is 40.6).
62 Fibo is ~36.
Currently, it is stuck at Floor = 45.2.
Nothing urgent, but we could watch when it starts trading as there is future possibility of another UP-move.
Technical Analysis of Cotton Week 43
23 Oct 2023
Cotton No 2 Futures @ ICEUS
Monthly Chart
It seems Cotton will likely break the triangle and move downwards.
Expecting a down move ~.50
Considering the triangle as a Flag, there might be more downside.
