[Premium] Trade Of The Week

JC Parets
May 3, 2021

This week we're looking at a long setup in the Metal sector. There are a handful of sectors that are outperforming the market as Nifty 50 continues to move sideways, and Metal has been a consistent name there.

Metal has had a firm hold on the strong momentum we've been witnessing and since it is that time of the month when we take a look at weekly as well as monthly charts, Tata Steel stood out in terms of the massive base breakout we witnessed in the month gone by!

The price is looking to break out again above the resistance of 1,050, which would lead to a 14-year base breakout! Now that is one massive base! Tata Steel's rally has been phenomenal and it doesn't seem like it's coming to an end.

We are bullish above the level of 1,050, with a target near 1,610.

Click on chart to enlarge view.

Metals are taking the trophy home every week in terms of outperformance and haven't alluded to a change in that trend yet. We are tracking this space closely to see how the price reacts to higher levels.

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

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