[Premium] Trade Of The Week

JC Parets
August 9, 2022

Today we have a stock from the Service sector making its way to the Trade of the Week post. It is definitely a crowd favourite, and I'm sure you'd like to note down the levels for this one! Let's check it out!

Lo and Behold, if it isn't an Adani stock!

Adani Enterprises made a new high this week and simultaneously broke out above another Fibonacci retracement zone. We keep increasing the headroom on this chart, honestly.

With the breakout above the level of 2,689, the price is now ready for a move towards the next target of 4,265. The stock is displaying strength on absolute and relative terms and has been performing well for a while now!

The indicator is comfortably placed in the bullish momentum zone and the price seems ready for the next move.

We are bullish above the risk management level of 2,680 with a target close to 4,265.

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, check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team

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