Sugar Rush

JC Parets
March 16, 2022

The most notable names with the big gains these last two three days have been sugar stocks. And today we're going to go over a bunch of stocks that are displaying great strength and momentum at present. It's a sweet deal you guys, you're gonna wanna check it out!

Sugar stocks continue to power through and are the sweet spot of the market. They benefit from the rising ethanol price and broad strength in the agriculture produces segment.

Our custom sugar index made a new high on the back of strong momentum in most sectoral stocks. The Nifty 500 index peaked in October 2021, but these stocks hardly had any correction and persisted in their primary uptrend.

This post will look into some of our existing trade ideas and a few microcap stocks from this sector.

Balrampur Chini Mills made a new relative high versus Nifty 500.
Despite the strength in price, it's posing a bearish divergence with confirmation at 425. We're positive above the risk management level of 400 with a target near 600.

Triveni Engineering & Industries is also outperforming Nifty 500 with strong momentum leading price. We are bullish above 280 with a target of 440.

Dalmia Bharat Sugar broke out above its overhead supply zone of 485. A sustained move above 485 could take the price higher towards 730.

Dhampur Sugar Mills has also moved past its resistance of 495 and looks good for the next target of 760.

Dwarikesh Sugar Industries had a price breakout in the week gone by. We are bullish above the level of 120 with a target near 188.

EID Parry retested its multi-year breakout level. We're bullish as long as it's above 395 with a target near 575.

Andhra sugar continues to sustain above the multi-year breakout level at 143. We are bullish above the level of 143 with a target near 216.

Avadh Sugar & Energy has also moved past its multi-year breakout level. We are bullish above 650 with a target near 1,000.

Our final smiley face is from Mawana Sugars. The price broke out above the 4.6 year high of 144 with strong momentum on RSI. With this move, the next target to track would be 224, with 144 acting as the risk management level.

This was a roundup of the sweet setups that we're tracking out there. Are any of these stocks a part of your portfolio already?

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

Allstarcharts Team

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