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Finolex Cables Ltd – Short term technical view with fundamental inputs

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Short term technical view for finolex cable with fundamental

short term study and view for finolex cable

as per weekly chart formation, we can see that stock has form pennant pattern on chart, and looking to give strong breakout. and as per pattern we can expect that it should give move equivalent to size of its flagpole.

so as per pattern stock can show bullish formation breakout beyond 865 levels and as per size of pole, stock will try to test upper pattern level till 1354.

so technical is looking to give strong breakout on chart.

Technically stock is in long term buy, and looking to give swing and breakout in short term.

as per basic fundamental, stock is performing better in its own sector because its trading at PE of 26.2 and industry PE is at 24.
on a 2 rs. face value, stock is giving 33 rs eps, with book value of 243 per share.
return on equity is also at 14.4% with having a profit growth ratio at 24%.

as per yearly balance sheet data we can see that stock has perform strongly in FY22-23 that last 10 years. last financial year company able to generate highest ever sales with highest ever operating profit and highest ever net income, having a profit margin more than 11%.

fundamentally stock is at its best comparing to past 10 years data

so all above factor suggest that company is preforming very strong fundamentally and price action suggesting breakout in price so once can focus on given detail and its worth to keep this stock on radar.

technically price is on breakout
fundamentally company performing very good. So we can expect good result of this combination, and eventually it will reflect in price in coming days

Updated: July 3, 2023 — 2:18 pm

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