PLIN
is trading in a bullish ascending triangle pattern that suggests a potential breakout on the way. The stock is also knocking around on a tiny float of just 8.7 million shares. That forms the backdrop for a possible breakout that could build on itself on a break above the 50-day moving average, which crosses the chart right now at around $1.96/share. This pattern sits on a pivot base that formed around a major bullish RSI divergence at the March lows.
It also just broke above its now-beaten downward trend line. Basically, everything lines up well for a possible major inflection back to the upside on this chart.
About PLIN
PLIN (China Xiangtai Food Co. Ltd.) engages in the slaughtering, processing, packing, distribution, wholesale, and retail of various fresh pork meat and parts in the People's Republic of China.
The company offers fresh pork and byproducts, as well as beef, lamb, chicken, duck, and rabbit meat. It also provides shredded meat, sliced meat, meat stuffing, pickled meat, lamb and offal, sausage, bacon, steamed and canned meat, breaded chicken, and spicy meat products, as well as chilled and frozen pork.
The company also operates a supermarket segment.
Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd, is a food company primarily engaged in pork processing. The Company's operations span key sections of the pork processing value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts.
Key Points:
• PLIN is an aggressive growth play trading on the Nasdaq and operating in the Chinese meat industry
• PLIN booked over $102M in TTM revs and expects over 65% topline growth this year through organic and M&A
• PLIN has started to consolidate the Chinese pork industry in a roll-up strategy that promises to drive huge growth in the name
• PLIN just signed an MOU to acquire a key player and rope in another $70M in annual revs
• PLIN has a small trading float of just 8.7M, which suggests the stock could launch higher on any additional influx of interest.
• PLIN is coming off an RSI bullish divergence into a nicely structured bullish ascending triangle pattern with a breakout trigger at the looming 50-day MA