(Updates) China Molybdenum HK:3993 Potential HK multibagger?
Last year we pointed out China Molybdenum (3993): https://satkitrader.wixsite.com/website/single-post/2017/10/31/China-Molybdenum-HKSE-Strong-Bounce-off-trendline at the $4.70 zone. It has since gone up to $5.30 recently.
Recently it broke out of its downtrend line and rallied from $4.70 to $5.30 in a few trading days.
3993 is currently still consolidating in a box, however this blog believes that it will soon breakout of its high at $5.36 and move further up.
Technical wise it looks bullish and fundamental wise it is one of the largest producer of cobalt and essential element other than lithium in the production of batteries. With the boom in electric vehicles,legislation in countries (e.g France and UK by 2040) to ban gasoline vehicles ,demand for cobalt/molybdenum will surely increase rapidly upstream.
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