JAYAGROGN - INVERSE HEAD AND SHOULDER PATTERN WITH STRONG VOL BO
Hi All,
This idea is related to Jayant Agro Organics Ltd
Fundamentals:
The Company is mainly engaged in manufacturing and trading of castor oil and its derivatives such as oleo chemicals.
Market Cap - 962 Cr
Stock P/E - 18
Book Value - 181
Promoter Holding - 67%
EPS - 17.6
Debt to Equity - 0.29
ROE - 10%
ROCE - 12.2%
Dividend Payout - 23%
Technicals:
This counter has shown all important characteristics of a perfect Inverse Head and Shoulder Pattern. Left Shoulder is deeper than right whereas the head is deepest. Volume price also concurs to the pattern that with every rise volume was low whereas each decline, the volume associated was high
Most importantly, during neckline breakout, the relative volume was very high which is the most important aspect to avoid false breakouts.
The stock price has advanced more than 3% from the neckline, cementing the continuation of the breakout
This is a weekly chart, so before taking the trade it is advisable to let price action be pulled back to nearest Moving average & then take a trade
If you like my analysis please comment and let me know your thoughts,
Happy Trading!
Thanks,
Stock-n-Shine
This idea is related to Jayant Agro Organics Ltd
Fundamentals:
The Company is mainly engaged in manufacturing and trading of castor oil and its derivatives such as oleo chemicals.
Market Cap - 962 Cr
Stock P/E - 18
Book Value - 181
Promoter Holding - 67%
EPS - 17.6
Debt to Equity - 0.29
ROE - 10%
ROCE - 12.2%
Dividend Payout - 23%
Technicals:
This counter has shown all important characteristics of a perfect Inverse Head and Shoulder Pattern. Left Shoulder is deeper than right whereas the head is deepest. Volume price also concurs to the pattern that with every rise volume was low whereas each decline, the volume associated was high
Most importantly, during neckline breakout, the relative volume was very high which is the most important aspect to avoid false breakouts.
The stock price has advanced more than 3% from the neckline, cementing the continuation of the breakout
This is a weekly chart, so before taking the trade it is advisable to let price action be pulled back to nearest Moving average & then take a trade
If you like my analysis please comment and let me know your thoughts,
Happy Trading!
Thanks,
Stock-n-Shine
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