This logistic stock which has been maintaining a healthy dividend payout, is ready for an express move!

This logistic stock which has been maintaining a healthy dividend payout, is ready for an express move!

by 5paisa Research Team Last Updated: Dec 13, 2022 - 02:11 pm 16.1k Views
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TCI Express Limited is an express cargo logistics company with its own set up across India. It carries distribution through various modes of transport and is specialized in offering time-definite solutions.   

The stock has zoomed nearly 6% on Wednesday and as a result, the stock has witnessed breakout of the horizonal trendline drawn by connecting swing highs of April 07 and April 22. The stock after registering high of Rs 2531.19 in December last year, witnessed a correction of nearly 36.5% and thereafter, it made multiple attempts to cross the zone of Rs 1928-1938, however, after 4-months, the stock witnessed a breakout of this horizontal trendline. Horizontal breakouts offer great trading opportunity and these patterns are superior patterns for trading because the penetration of a boundary line most often occurs simultaneously with the violation of major or minor high.   

Interestingly, this breakout is accompanied by robust volume. Volume so far has been quite encouraging as it has been highest in the last three trading sessions and moreover, it is greater than its 50-days average volume. The 14-period RSI on the daily timeframe has surpassed its previous swing high and it is above the 60-mark, which is a bullish signal. The MACD is above the zero line and signal line on the daily chart. The MACD histogram suggests bullish momentum. And most importantly, the MACD line crossed the prior swing highs.   

Technically, all the factors are currently aligned in support of the bulls. Hence, we would advise the traders to be with a bullish bias and talking about some fundamental factors the company is almost debt free and has a strong balance sheet enabling it to report stable earnings growth across business cycles. The stock has an EPS Rank of 94 which is a Great score indicating consistency in earnings. Institutional holding has gone up in the last reported quarter is a positive sign for stock. Hence, keep a watch on this stock. 

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