[Premium] Trade Of The Week

JC Parets
August 23, 2022

The stock making its way to today's post is part of the Capital Goods sector that has been performing well for a while now.

And guess what? We have a breakout! Do you know which stock we're talking about?

Grindwell Norton is making YTD highs as well all-time highs as we speak. The stock has broken out above its resistance and is now ready for the next leg of the rally. You can see how the price has been attempting to breakout above the resistance of 2,020. Well, the more times a level is tested, the more likely it is to be breached!

The indicator is in strong bullish momentum territory, adding weight to the breakout. And just in case you were wondering what the relative strength chart is like, we've got new highs there too!
Grindwell has ticked all our boxes, and we are bullish above the risk management level of 2,020 with a target close to 2,340.

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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