Trent shares correct nearly 11% in 2 weeks, 21% from peak. Is upside still capped?
Trent have witnessed an impressive northward journey since February 2023, wherein the stock saw a vertical rally on the daily chart, surging to an all-time high of Rs 8,345 in October 2024.
The stock gave multibagger returns of 165.80% in the last one year and 121% in the current year so far.
However, the shares of Trent have corrected by 10.6% in the last 2 weeks and have also corrected by almost 21% from the peak made in October.
This downfall has been despite the company’s new brand launch called Pome, which sells lab-grown diamonds, and the company posting a 46% YoY jump in its net profit for the second quarter ended September 2024.
On charts, the stock is placed above just its 200 day exponential moving average (DEMA) and barely trying to sustain above the 100 DEMA. It is well under its 10, 20, and 50 DEMA currently.
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