[Premium] Trade Of The Week

JC Parets
February 8, 2022

Today we're taking a pick from the Consumer Durables sector. There's been a slight pick-up in activity along with a big base breakout. Which stock is it?

Let's take a look at the trade for this week!

VIP Industries is the stock pick of the week. We saw a strong move come through in the week gone by. While the market continues to correct, this stock broke out of an almost 4-year big base! The indicator too has made its way back to the bullish momentum territory.

Also keep in mind, that the level that's being taken out right now is 2018 high. At the same time when risk-on metrics peaked in the market across the globe. So a price move above levels last seen in 2018 is definitely a positive!

We are bullish, however, only as long as the price trades above the risk management level of 645. A move below this, and that would be our exit. The target to track if the bullish price move continues would be 930.

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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