[Premium] Trade Of The Week

Linde India had been moving sideways for quite some time. In fact, this stock was one of the underperformers among the chemicals stocks that were making new highs consistently. We now have an interesting breakout come through in the price action so we're to discuss just that.

The stock moved past its resistance level at 2,960, while closing near the high of the day. This is a positive in a market where buying ideas are becoming increasingly difficult to get by. With this move, the price is now trading at a new all-time high post a prolonged sideways move.

The indicator is supportive of the pick-up in momentum as can be seen by the bullish setup. What's also working in favor of this stock is the relative strength that is coming through. New all-time highs there as well!

We are bullish above the risk management level of 2,960 with a target close to 3,845.

Bear in mind that we are still in a messy sideways market where our risk management levels are likely to be triggered due to the range-bound price action. It is imperative that you act basis your risk profile.

Thanks for reading and please let us know if you have any questions.

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Allstarcharts Team