[Premium] Trade Of The Week

Last week Torrent Pharma saw a quick intraday break below support, but prices quickly reclaimed their former highs/lows near 2,635.

Click on chart to enlarge view.

This confirms that buyers are still in control and likely a lot of trapped sellers from last week need to either cover shorts or get long again.

This type of failed move should be the catalyst for prices to reaffirm their long-term uptrend and start their push to new highs.

As long as prices are above 2,635, the bias is higher towards 3,000 and eventually 3,590. If this is going to fail, we'll know very quickly and can move on...but based on last week's action this likely starts the stock's next leg higher.

Make sure to check out our other weekly post, "Three Charts For The Week Ahead." And if you missed Friday's post on Emerging Market Stocks, check it out here.

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team