Technically after a Bull Run market went into Distribution Phase. The Distribution Phase is about to end as a Triangle pattern has formed which is very likely to cause price chart to enter into Advancing Phase that will trigger a bull run once again.
Seeing the Pole & Flag pattern (Yellow lines) the Bull run may go up to PKR 66~70 zone.
Earnings will be announced on 27 Nov which will further pump the price and then one can exit by booking profits.
Fundamentally, the company is looking promising as recently it has got a deal with a Chinese company for providing meat to Chinese consumers. The company's share can be held for long term as well.
LONG Buy Trade Call
Entry 1: 41.40
Entry 2: 40.00
SL: 34.40
TP1: 46.75
TP2: 56.00
Seeing the Pole & Flag pattern (Yellow lines) the Bull run may go up to PKR 66~70 zone.
Earnings will be announced on 27 Nov which will further pump the price and then one can exit by booking profits.
Fundamentally, the company is looking promising as recently it has got a deal with a Chinese company for providing meat to Chinese consumers. The company's share can be held for long term as well.
LONG Buy Trade Call
Entry 1: 41.40
Entry 2: 40.00
SL: 34.40
TP1: 46.75
TP2: 56.00
Note
TOMC has conveyed to increase authorized share capital from 165,000,000 to 200,000,000 shares of Rs 10 each i.e. 35,000,000 shares of Rs 10. Therefore, Market Cap divided by the total number of shares will mean 17.5% decrease in its share price. The announcement came when open market share price was 41.50 ; therefore, it is going to drop to 34.15 ; hence all those who have not entered the trade yet wait till it reaches that mark. New Trade values are:
Entry 1: 34.15
Entry 2: 32.00
SL: 28.00
TP1: 40.00
TP2: 48.00
Since fundamentally TOMC is expanding by generating cash through share addition, therefore, I personally think it can be kept for long term as well.
Note
Update on 06-Nov-2024 :As analyzed a month ago, the price has moved accordingly. Therefore, one can buy now at the discounted price. However, I'll personally wait for it to enter the Bull run which will happen once it crosses 43.50 the previous Lower High.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.