[Premium] Trade Of The Week

JC Parets
December 13, 2021

This week we’re looking at a long set up in the Industrial Manufacturing sector. Stocks in this sector are performing well and are displaying strength.

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

ABB India featured in our Trade of the Week post in early November.

In the week gone by, we saw the price move closer to our earlier target which was on a monthly chart. This time around we're taking a look at the weekly chart. What we saw was strength in the stock on both an absolute and relative basis. Hence, this stock made it through this time around as well.

The price moved past its immediate resistance near 2,250. With this move, the weekly chart breakout is upon us. On a relative basis too, the stock is displaying strength. With the indicator lining up to get comfortable in the bullish momentum regime, the price looks ready for the next leg of the rally.

We are bullish above the risk management level of 2,250 with a target close to 3,460. A move below 2,250, and we'd prefer to stay away from this trade.

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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