MOL - TURNAROUND POTENTIAL WITH A FALLING WEDGE BREAKOUT

Hi All,

The idea is about Meghmani Organics

ABOUT THE COMPANY

Founded in 1986 as M/s Gujarat Industries, the company was incorporated in 1995 as Meghmani Organics Limited. The company manufactures Pigments and Agrochemicals through its 6 manufacturing facilities located in Gujarat. The company is amongst the top 3 Phthalocyanine based pigment players in the world and amongst the top 10 producers of pesticides in India.[1]Meghmani Organics Ltd (MOL) manufactures green and blue pigment products, which are used to manufacture printing ink, plastic, paints, textiles, leather, and rubber.

TECHNICALS

The stock has been in a falling wedge pattern & has given a breakout. The breakout was sustained & has been testing first level of resistance at 88.65 multiple times.

Once it breaks it can move to 93 where next resistance lies

Fundamentals

Not a good last year but sales/profit showing symptoms of turnaround which is evident in price action

Thanks,
Stock-n-Shine