Technical Analysis of HFL on 24 March 2017
This is no buy/sell recommendation - just a trial to see if Technical
Analysis (works to an extent) in Dhaka Stock Exchange.
(From what I heard) it is supposed to be a good textile company
but I do not like the quarterly EPS trend. Interestingly even after two poor
quarters, its price is going up – probably the market knows something (there is
an expansion story). One good thing is that it gives Cash Dividends.
Now to the Technicals: It has been consolidating around 25-26
for last two weeks. If it can break Resistances at 26.5 and then close above
29.5, then there is significant up-potential.
With supposedly poor funda textiles on bull moves, it might be
worth to keep an eye on HFL too . . .
Stop loss could be 5% of entry price . . .
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