[Premium] Several Breakouts We're Buying

September 17, 2019

We continue to see prices in the major indices bounce as breadth and momentum divergences remain intact, however, many of the trades we've outlined have moved away from their optimal reward/risk level.

Today we're outlining stocks we can be buying today, or in the near-term.

Here's Bajaj Holdings & Investment Ltd. reconfirming support at 3,215 and resuming higher. As long as prices are above that level, then the bias is higher towards 3,890.

Click on chart to enlarge view.

Can Fin Homes Ltd. broke out, retested its breakout area, and now looks ready to continue higher. As long as prices are above 385, we can be long with an upside target near 495.

Colgate-Palmolive India is breaking out after working through a failed attempt from late last year. If prices can stay above 1,280, then the bias is higher towards 1,450 and our secondary target of 1,600.

Phoenix Mills has yet to trigger but looks ready to do so soon. If prices can close above 725, then we want to be long with a target of 855. We're particularly encouraged by the fact that momentum hasn't been oversold in nearly a year, however, we'd like to see it get overbought if/when prices do make new highs.