[Premium] Trade Of The Week

JC Parets
April 12, 2022

Energy is dominating the market sector conversation these days. And well, you can see a reflection of that in the stocks and the strength coming through.

Today we're here to discuss a long setup in the Energy space.

We recently published a post on the Adani Group Solar System price target updates. But seems like another one may just be due!

Adani Energy has picked up steam and how! The price just broke out of its resistance of 2,475 along with extremely strong momentum. This is definitely a good sign that the momentum supports this move. The stock has been making a steady rise since mid-2021.

We did see the price consolidate and move in an extremely narrow range over the past three months. A narrow price range is more often than not, indicative of an explosive move. This has been just that.

The stock is also displaying strength on a relative basis whereby it is trading at all-time highs.

We are bullish above the level of 2,475 with a target close to 3,940.

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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