Bottom Fishing on MRPL Weekly Chart
Company Business Module:
MRPL (Mangalore (NS:) Refinery & Petrochemicals Limited) is mainly engaged in the business of refining and distributing petrochemical products through retail outlets. MRPL is the joint venture of HPCL & AV Birla Group.
Technical Analysis:
In the chart history, MRPL’s share price has given a breakout in April 2022. That was the time of the Russia-Ukraine battle, in this battle all commodities have broken their price records. We have seen crude oil prices around 10k per BBL because of this MRPL’s share price went to 125-130. Later on, the share price cooled with battle sentiments and again it came near the breakout zone. Now this zone is reacting like support and the share price is respecting this zone for the last 4-5 months. In Technical Analysis language, the share price has made Triple Bottom on a weekly chart and given a breakout to the sideways zone. As per our studies, big bulls have taken handover and they are ready to ride. The share price is trading around 62 and we are expecting 80/90 levels in the coming few months. Immediate support is around 52-50.
Fundamental Analysis:
- Products are essential and demanding in the market.
- Debt is nominal and the company has reduced debt.
- Yearly net profits are increasing.
- ROE & ROCE are more than 20%.
- The company is focusing on business expansion.
- Promoters have a shareholding of around 60%.
Why Share Price Can Go Up?
The share price has made a strong base near strong support of 50 and before two weeks it has given a breakout to Triple Bottom. That is the Bottom Fishing confirmation and volumes are increased. As we know the demand for crude oil & petrochemical products. Based on these parameters we are bullish from the current levels.
ORIGINAL
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. Readers are advised to consult their Investment advisor before making any decisions based on the above write-up.
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Company Business Module:
MRPL (Mangalore (NS:) Refinery & Petrochemicals Limited) is mainly engaged in the business of refining and distributing petrochemical products through retail outlets. MRPL is the joint venture of HPCL & AV Birla Group.
Technical Analysis:
In the chart history, MRPL’s share price has given a breakout in April 2022. That was the time of the Russia-Ukraine battle, in this battle all commodities have broken their price records. We have seen crude oil prices around 10k per BBL because of this MRPL’s share price went to 125-130. Later on, the share price cooled with battle sentiments and again it came near the breakout zone. Now this zone is reacting like support and the share price is respecting this zone for the last 4-5 months. In Technical Analysis language, the share price has made Triple Bottom on a weekly chart and given a breakout to the sideways zone. As per our studies, big bulls have taken handover and they are ready to ride. The share price is trading around 62 and we are expecting 80/90 levels in the coming few months. Immediate support is around 52-50.
Fundamental Analysis:
- Products are essential and demanding in the market.
- Debt is nominal and the company has reduced debt.
- Yearly net profits are increasing.
- ROE & ROCE are more than 20%.
- The company is focusing on business expansion.
- Promoters have a shareholding of around 60%.
Why Share Price Can Go Up?
The share price has made a strong base near strong support of 50 and before two weeks it has given a breakout to Triple Bottom. That is the Bottom Fishing confirmation and volumes are increased. As we know the demand for crude oil & petrochemical products. Based on these parameters we are bullish from the current levels.
ORIGINAL
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. Readers are advised to consult their Investment advisor before making any decisions based on the above write-up.
