On August 6, 2023, we said the following of UPL Limited:
“Our models indicate that the average downside risk is -25% within a given year if held for a minimum of 3 years. Again, brace for a –25% to -57% decline and determine allocation from there, only if the fundamentals support taking a position.”
Since that time, the price of UPL Limited fell exactly -26%.
From that low, UPL Limited has increased nearly +70%. Naturally, we cannot account for the increase at the lows. However, the Price Momentum Indicator has given reasonable expectations of where the stock might go.
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