Average users on this Indian super-app are up by 48%.
$PAYT.NS
$PAYTM (India)
"One 97 Communications Says Avg Monthly Transacting Users On Paytm Super App Up 48% For Two Months Ending May 2022 - Reuters."
The most commonly used Indian mobile payment app fell by more than 70% after reaching 2000 price levels after IPO (1).
Many traders I know piled up on this heavily advertised IPO. I did not.
It created a flat base for three months since March 2022 (2). And it is breaking out of the daily sideways range (Box) created by Watermark pivot levels (3). At the same time, it is also breaking out of the weekly Memory (4) auto-smart trendline resistance.
Relative Performance (5) shows that PayTM is outperforming the Indian market.
PayTM is giving a possible Breakout buy setup using that CUE Global technical analysis. I identified the buy setup using a CUE Global real-time scan.
The company is still not making money (no earnings). However, it may be considered an IPO play where revenue is starting to increase. I checked that out using CUE Vital (snapshot is not attached).
The real-time Indian industry scorecard using CUE Edge shows steady improvement (6, 7). That allows one to buy.
Currently, the stock is up by 2% on a down day in the Indian market.
I did not buy PayTM when it was hitting 2000. Now, at a 70%+ discount, I may be interested as a Breakout long candidate.
What about you?