Thal Limited (THALL:PSX) is a diversified national conglomerate engaged in the manufacture of Engineering, Jute, Laminate sheets and Paper sacks.
These businesses are engaged in the manufacturing of quality products serving a variety of segments. The Engineering segment is engaged in the manufacturing of automotive parts such as car air-conditioners, radiators, wiring systems and engine components while the Building Material and Allied product segment overlooks the Jute, Papersack and Laminate operations.
If we look at above long term monthly chart, we clearly see that Long term red wave [I] finished @ 721.23 by placing medium term top. This wave [I] completed its nice five sub wave structure (blue wave 1,2,3,4,5) on May, 2017. after this we saw correction in red wave [II]. this finished its structured by placing long term bottom @ 224 on Oct, 2019.
After completion of Red wave [II], red wave [III] has started and the ideal target for this wave will be much beyond red wave [I].
At the moment prices are correcting in green wave ii of blue wave 5 of red wave [III] and we expect that bottom will place near 380-400 area which is 38% Fibonacci level of green wave i. Once this bottom will place we will see new impulsive rally towards 700 area or even higher in green wave iii.
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