[Premium] Trade Of The Week

JC Parets
August 30, 2022

The stock we're looking at this week is part of the Industrial Manufacturing sector. Let's look at which name has made it to our scan this time.

Uflex is the latest name to breakout and move higher towards a new 52-week high. Well, in this case, an all-time high.

With last week's closing, the price has moved past the 161.8% Fibonacci Retracement near 747 entering a new trading range. Post the big base breakout in April 2021, the price moved sideways for quite some time. We then saw 747 act as a strong level of resistance. With the most recent market recovery, the price is now past that resistance.

The indicator is in strong bullish territory and the relative strength in the stock adds more weight to the current setup.

We are bullish above the risk management level of 747 with a target close to 1,135.

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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