[Premium] Trade Of The Week

JC Parets
May 30, 2022

Nifty Auto has been gaining strength over the past week. We're seeing some follow-through there and hence, today's post will discuss a stock from the same sector.

Mahindra & Mahindra has been displaying signs of strength over the last week. We highlighted this in our latest post as well.

The price has now broken out of its overhead resistance zone near 993 and is currently trading above it. This translates to a 4-year base breakout. Yes, we have a base breakout in present market conditions! If that's not relative strength all by itself, I don't know what is.

The indicator is in the bullish territory and the price looks good for the next leg of the rally.

We are bullish above the risk management level of 993 with a target close to 1,455.

Click on the chart to zoom in.

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

Filed Under