DEVA at the bottom of its channel in loggraphDEVA hit its bottom of the channel the last Tuesday. So this analysis is 3 days too late to be honest.
However, it is still looking great and the Risk Profit Ratio is pretty decent still.
Under 35.00 TL is risky, but other than that, I would accumulate DEVA in the upcoming week. There is a chance that it will re-try the bottom of the channel and get its confirmation around 38.00 TL which I would not miss for sure.
The fundamentals are strong and there's no strong reason why it would go down 47% from its peak.
DEVA trade ideas
Does it work? DEVA has been a fundamentally strong pharmaceutical company based in Turkey. Despite the COVID restrictions and lockdowns the company somehow kept its growth momentum both in terms of revenue and profitability.
Recently it struggled to keep all time highs as we have seen a retracement and now YTD return is around 2%. The fundamentals are OK, vaccination campaign is doing well both in domestic and international markets. I am personally increasing my positions from the recent price level. Next status check to be done as the Q3 financials announced.