[Premium] Trade Of The Week

JC Parets
August 9, 2021

Today we're going to take a look at a long setup in the Chemicals space.

Let's take a look at this name.

DCM Shriram continues to maintain strength after breaking above the multi-year base earlier this year. The price moved past its 161.8% Fibonacci extension with ease and now rests above it. As long as this movement continues, we'll be tracking the target near 1,360. The risk management level to keep in mind is 909.

 

Galaxy Surfactants is consolidating in a range below 261.8% Fibonacci extension level. RSI indicator is in the bullish momentum territory adding conviction to the setup.
We are bullish above the risk management level of 3,150, with a target near 4,558.

The chemical sector has some interesting names that are doing well, and these stocks stand out from a risk-reward perspective.

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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