Heritage foods seems good for long term investment as it shows a horizontal line breakout with all time high as first target in long run.
We can achieve more than 1:2 risk to reward ratio eaisly.
Multi Year Upward Sloping Channel
ATH in 2017 @ 853 & 80% drop to 141 in 2020
Plan -
to Purchase Above Breakout 550
Or, rejection indicators close to 220
P/B - 2.4
P/E - 21
D/E - 0.1
ROCE - 20
DIV - 1.7%
Formed a perfect Cup & Handle on the weekly chart. Increasing daily volume , Daily & Weekly RSI above 60 indicating a good upmove ahead. Fundamentals are also strong. Keeping it for 1-2 months can expect a target of 800
Awaiting a breakout from the Triangle Pattern.
A Golden Crossover has been spotted.
The stock has also moved above the Ichimoku Cloud.
MACD crossover also on the cards.
Price and Chart Analysis -
1) Stock gave a BREAKOUT above MULTIPLE RESISTANCE ZONES 2 weeks ago.
2) Now trading and retesting near breakout level.
3) Daily Candle today was a Gravestone Doji after a downtrend, indicating possible bullish reversal hereon.
4) Zooming out, looks like a possible INVERTED HEAD & SHOULDER BREAKOUT and PULLBACK, with VOLUME...
