HCC cmp 48. Monthly chart shows stock price crossing strong resistance band of 48-49 in 2024, first time after 2011. Stock price went up to hit a swing high of 57 before it started correcting and has been retesting the zone of previous resistance.
Structure from 2017 on the monthly chart shows a nice rounding structure and a breakout and now a retest. Right side of the rounding structure shows good volumes build up.
The challenge in these kind of set ups is that the retest and consolidation can last a few weeks to a few months and one needs to position accordingly.
Fundamentally company has been actively reducing debt. Swedish subsidiary Steiner has divested the construction division and now has only real estate division. Quarterly results still do not show consistency in terms of profitability, though there has been improvement as compared to earlier, but its still early days.
disc: invested as a techno funda bet. (not a recommendation. Please do your own diligence if contemplating investment. )
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