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Top 2 Stocks with 'Breakout' Pattern on Charts

By Traders ChowkcallsStock MarketsMar 14, 2019 09:03
in.investing.com/analysis/top-2-stocks-with-breakout-pattern-on-charts-200208232
Top 2 Stocks with 'Breakout' Pattern on Charts
By Traders Chowkcalls   |  Mar 14, 2019 09:03
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(1) Bajaj Finance (NS:BJFN)

The stock has been consistently gaining buy side momentum over the last few weeks. It has given a fresh breakout on weekly charts. On the Daily charts, the price action is contained in a positive price channel, which depicts increasing demand. Along with that, Bollinger bands also show tagging of upper bands indicating an increase in strength of the stock.

Fresh longs may be initiated in this counter above the immediate pivot resistance of 2840/-.

My outlook for the stock in Short Term & Medium Term is Positive.

Technical Pattern: Tagging of Bollinger Bands

(2) HDFC Bank (NS:NS:HDBK)

The stock has been given a price break out on daily charts. This breakout also coincides with the new monthly highs and is also supported by strong volumes which indicate new demand surging in the counter. Price-volume indicator, CMF further substantiate this bullish move as it moves into the positive value zone. A positive value of CMF indicates a price volume convergence of Price and volume.

Apart from CMF, momentum indicator RSI has also entered into the overbought zone indicating a persisting strength in the stock. This bullish momentum may continue in the counter in the immediate term. Fresh longs may be initiated in this counter above the immediate pivot resistance of 2235/-

My outlook for the stock in Short Term is Positive

Technical Pattern: Price Breakout+CMF

Original Post

The above analysis is based on closing prices as on 13th March 2019 & Trading levels mentioned in the post are valid up to 1 month.

Disclaimer: All views expressed in this site are for reference and educational purposes only. Trading involves substantial risk which may include complete or partial loss of capital. Readers must consult their own investment adviser before taking any investment/trading decision. We hold no financial liability to any user on account of the use of information provided on this website.

Top 2 Stocks with 'Breakout' Pattern on Charts
 
Top 2 Stocks with 'Breakout' Pattern on Charts

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Yuvraj Khetre Mar 16, 2019 2:48
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