[Premium] Trade Of The Week

JC Parets
May 24, 2022

As the market continues to churn sideways, certain stocks are putting their head out of the water and making a move.

Today we're looking at a Fertilizer stock that looks interesting.

Coromandel International Ltd is one stock that is displaying strength on both an absolute and a relative basis. The price is moving towards its all-time high/overhead supply zone. The price has been forming a base and is making an attempt to move towards its resistance in a market where support levels are being breached. That is relative strength right there!

The indicator is in bullish momentum territory and the stock ticks all the right boxes to initiate a bullish position.

We are positive above the breakout level of 955 with a target close to 1,110. This bullish thesis holds true only above the level of 955.

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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