[Premium] Trade Of The Week

While Auto has been on our radar for several weeks now, more and more names are joining the move as the trend progresses.

Today we have Maruti joining the bandwagon of breakouts.

The price closed above the resistance level of 8,350 successfully in the week gone by. With this move, the stock is poised to move higher towards its targets of 9,050 and 9,800 respectively.

As long as the price sustains above these levels, the bullish thesis holds true. The indicator is moving higher towards the bullish momentum zone. In addition to that, Maruti is displaying strength on a relative basis as well.

Keeping the above points in mind, we are bullish above the risk management level of 8,350 with targets of 9,050 and 9,800.

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