[Premium] Trade Of The Week

JC Parets
August 29, 2021

This week we’re looking at a long setup in the IT Sector. IT is trading at all-time highs, and displaying the strength you'd like to see at an index as well as a stock level.

Let's take a look at the trade idea this time around.

Naukri has been a strong performer in the IT space for a while now. We've included this name in our Trade Ideas time and again, and looks like we're back with it.

In the week gone by, the price broke out above its overhead resistance of 5,600. With the price absorbing this overhead supply, the momentum is now making way for the next leg of the rally. We discussed the strength in IT in our weekly post and this bodes well for the constituents going forward.

We are bullish above the risk management level of 5,600, with a target near 8,100.

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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