EIH Ltd CMP 482 - Update.
Stock price of EIH Ltd has been consolidating since April 10, 2024 when the stock price hit an all time high of 502 Rs. The stock price is consolidating since April and the volume has reduced as well. This is type of consolidation is in a form of Volatility Contraction Pattern (VCP) coined by Mark Minervini, It is showing constructive price and volume action as supply is absorbed from left to right during a price base and the accumulation The VCP breakout is when the stock moves through a clearly defined pivot point which is at 502.
Fundamentally, as per the announcement by the company the Q4 results will be out on May 28. The results were good in the past quarters and the luxury hotel industry is in a better shape.
Disclosure : Same as above.
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