[Premium] Trade Of The Week

JC Parets
May 22, 2021

This week we're looking at two long setups this week. One in the Chemicals space and the second one in the Auto sector. While Chemicals have been among the gainers over the past few weeks, the Auto seems to be catching a bid off late.

Fine Organics confirmed a price breakout in the week gone by. With other stocks in the sectors performing well, Fine organics has a strong tailwind going for it. The bullish candlestick breakout along with the strength displayed in the indicator is a good combination for a breakout. The price is making new all-time highs and has been in a strong uptrend since levels close to 2100.

We are bullish above the level of 3,185 with a target near 4,215.

Click on chart to enlarge view.

Balkrishna Industries is the pick among the Auto stocks. The stock has been in a strong trend, despite the sector as a whole acting as one of the underperformers in the market. The price managed to close with a strong bullish candlestick in the week gone by. Closing above the crucial level of 1,930 the stock has confirmed a breakout. The indicator is placed comfortably in the bullish momentum zone and alludes strength to the view.

We are bullish above the level of 1,930 with a target near 2,700.

Different sectors assume leadership at various points of a market rally. Chemicals have been a good space to remain invested in for a while now. Auto stocks seem to be recovering from their interim correction as well.

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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