7 Stock Charts For This Week That Should Be On Your Radar
If price is God, you can see the footprints of God on charts to know what he wants. A good chart tells the story clearly. The Alpha Return has curated some price action charts that must be on your radar. They are so obvious that it hardly requires any explanation. The yellow line(s) in the chart is resistance. All charts are on a weekly time frame.
The price is moving beautifully in a parallel channel. This is an unlock trade and you should keep an eye on it as it has the capacity to deliver great returns in the next few months.
#MCX was hovering in a trading range for a long time which is clear from the yellow lines. It has broken the resistance with strong volume and a long big candle. CMP has crossed 2000+ and is expected to traverse higher.
# Tata Coffee
#TataCoffee has broken almost a decade old price range it created in November 2012. This signifies something spectacular is happening in the stock inside which is reflected in the price chart. Also, other tea stocks have started running which shows changing outlook in the tea sector as a whole.
On the technical chart, Zomato seems to have completed a symmetrical triangle. Now, it’s time to see the price action on either side. It’s time to be a bit careful now.
On the technical chart, #Tejas Network seems to have completed the classical cup and handle pattern and the run-up has been quite steep almost vertical in the last leg. If the price corrects a little bit, you can start accumulating.
It has been a gross underperformer for a long time and currently trading at 8 INR. The price now seems to move up in the parallel channel. The RSI is at 58. Something is happening for sure. The risk-reward ratio seems to be favourable for this trade where the risk is not more than 20%, but the potential upside seems to be 2-3X. You can keep a watch on the stock.
It is among the disinvestment list and may be sold before the next budget. The price consolidated in a zone for a long, then corrected, and now started moving up as shown in the trendline. The RSI is above 50 which is comfortable. Accumulate and keep it till budget. Can give great return.