Grab - Stock Chatter
Elliott Wave Analysis | GRAB CMP: 5.18 | Dt 11/28
Grab, a South East Asian tiger is ready to roar!
A local giant from a tiny island nation outpaced Uber at its own game
1. What does Grab do?
Grab Holdings operates as a leading super app in Southeast Asia, offering services ranging from ride-hailing and food delivery to digital payments and financial solutions. For deeper insights, visit Grab's official About Us page.
2. Claim to fame
Grab is Southeast Asia's all-in-one super app, transforming daily life through services like transport, food delivery, and digital payments.
From outpacing Uber in Southeast Asia to becoming a fintech powerhouse, Grab is poster child of regional innovation.
3. Revenue, Profitability, and Market Cap
Revenue (2023): $1.7 billion.
Profitability: Grab has been narrowing its losses, targeting profitability in 2024.
Market Capitalization (November 2024): Approximately $14 billion.
Source: Trading View - Financials
4. Algochirp Elliott Wave analysis - details
Long term view
GRAB, which has been in a multi-year consolidation, has just broken out with significant volume. It appears this could be the start of a meaningful impulse wave.
Overall sectoral tailwinds (e.g., Uber, Tesla Robotaxi) are likely to further support a substantial rise in GRAB.
However, it is prudent to wait for a retest; in Elliott Wave terms, this would be the upcoming Wave 2. This retracement (see Chart #2) is expected to see prices correct and retest some of the long-standing trendlines. If it manages to hold its August 2024 bottom, then we must 'grab' GRAB!"
Short term view
Over the past few weeks, Grab jumped higher on Earnings beat and popped about 18% in a matter of days.
There is long term resistance in the $5-$5.5 band and that is where the current ongoing Wave 1 (Primary) may terminate. Wave 5 (Minute) of Wave 5 (Intermediate) of this ongoing Wave 1 (Primary) is still to go.
This Wave 1 top should be followed by a Wave 2 (Primary) and drag the prices lower. High probability target is the long term trend line at around $3.9, which night also coincide with 61% retracement levels (actual levels will depend on Wave 1 top).
Grab is potentially a multi-bagger in the making and the Wave count is following the hypothesis.
