[Premium] Trade Of The Week

JC Parets
November 22, 2021

This week we’re looking at a long setup in the Consumption sector space. Seeing as IT and Consumption were the sectors that were displaying most strength, we decided to identify a stock from one of these two sectors.

Let's take a look at what we have!

Sheela Foam Ltd, had been on quite a run since September. The price broke out above its long-term base in early 2021. Post that we've seen the price run-up towards its target, consolidate, and then breakout.

This time, however, the strong momentum has taken the price past its Fibonacci Resistance extension of 261.8%.

The level that we're tracking at the moment is 3,100. As long as the price is above the risk management level of 3,100, we are bullish. The target in this scenario will be 4,350.

A price move below 3,100 would negate the bullish stance.

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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