This consistent compounder witnesses a fresh breakout; do you own it?
It is above its important short and long-term moving averages.
Page Industries Limited, located in Bengaluru, is the exclusive licensee of Jockey International Inc. (USA) for the manufacture, distribution & marketing of Jockey ® brand in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman, and Qatar. Page Industries is also the exclusive licensee of Speedo International Ltd for the manufacture, marketing & distribution of Speedo brand in India.
The stock is trading higher by over 2 per cent on Tuesday and with this upmove, it has witnessed the breakout of a cup pattern on the daily chart. The stock ever since has marked a high of Rs 45,600 in the month of January and underwent into profit booking phase wherein, it has corrected nearly 15 per cent from the highs. Thereafter, the stock formed a strong base around the level of Rs 38,900 and started to move higher. This price action took a shape of a cup pattern. It’s a stage 2b cup pattern, which has a length of about 60-day and a depth of nearly 15 per cent.
As the stock is trading at its 52-week high, it is above its important short and long-term moving averages. It is also meeting Guppy’s multiple moving averages (GMMA) set up by Daryl Guppy. This structure indicates that the stock is in a clear uptrend.
The stock is up by 54.87 per cent in the last one year while on a YTD basis, it is up by 14.59 per cent. Meanwhile, in the short-term i.e. in the last one week, the stock is up by 3.84 per cent and in the last one month, it has climbed 8.71 per cent.