[Premium] Trade Of The Week

Atul Ltd has had a phenomenal move and is now moving past another resistance to get to the next level. The stock has been in a secular bull trend since 2010 and is only moving higher.

The indicator has stayed away from the bearish territory for more than three years alluding to the kind of strength that can be seen in the price move! The stock continues to make higher highs and higher lows and broke above its resistance at a time when the broader market has been under pressure. This speaks of the relative strength in the stock as well.

With the price moving above 6,860, we are bullish with a target near 11,082.

Click on chart to enlarge view.

The Chemicals space has been doing well despite a major chunk of the market reeling under short-term pressure. It will be interesting to see how these stocks and sectors react to the market move in the weeks ahead.

As always sector rotation will always be at play, which will help us identify pockets of strength in the market.

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

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team