[Premium] Trade Of The Week

JC Parets
December 5, 2021

This week we’re looking at a long setup in the crowd favourite IT sector. In the week gone by, we saw some strength come through and a particularly interesting breakout too!

Let's take a look at what we have today!

The persistence in Persistent Systems is genuinely impressive! This stock has been an absolute outperformer in the IT sector and continues to display leadership in every bounce back.

The price was halting just below the level of 4,300 for a few weeks now. But in the week gone by, we saw the price breakout above this level too! As the price moves out of its minor consolidation, an improvement in momentum is hinting at the next leg up soon. Notice that every single time, the price has halted temporarily, respecting its overhead resistance only to fly away higher into purple skies.

We are bullish above the risk management level of 4,300, with a target close to 5,900.

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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