PSXStock

Eliottwave Analysis & Forecast – Al-Ghazi Tractors – PSX:AGTL – W1 – 20210115

Incorporated in June 1983, privatized in December 1991, Al-Ghazi Tractors Limited, the subsidiary company of Al-Futtaim group of Dubai, is a story of rollicking success. With consistent corporate achievements, the company is recognized for corporate excellence and best corporate performance.

The Company is principally engaged in the manufacture and sale of agricultural tractors, generators, implements and spare parts Head Office in Karachi with its plant installed at Dera Ghazi Khan.

If we look at weekly chart, as like other most pair in PSX, it has also completed its long term correction in green wave II. Green wave I was completed on June, 2017 by forming long term top at 784.0 in nice five wave rally.

After that we saw deep correction in green wave II and formed bottom near 215 on March, 2020. This green wave II has completed simple ABC (Red) correction and in my opinion long term bottom had placed on 215 and prices are going in green wave III. The ideal target of green wave III is minimum 1000 or even higher if this wave extends.

At the current moment, green wave 2 is forming. This wave ideally retrace down to 61% Fibonacci near 280 before new impulsive rally started.

Though latest 3rd quarter 2020, report shows decline in revenue as compared to 2019, but reduction in expenses, finance cost resulted in increased EPS.

Efficient management, utilization of resources such as return on capital, return on equity and its dividend history made it blue chip stock.

muhiuddin

Financial Disclosure: The author is independent of any kind of funding, including commercial, private and individual, and has no relevant financial interest except It holds 1.52% above stock out of Total Stock Portfolio at the time of article was written.

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