[Premium] Trade Of The Week

JC Parets
November 2, 2022

This week we're looking at a stock from the industrial manufacturing sector. Stocks from this sector continue to show strength as the market continues to rally.

Bharat Forge has been attempting to break out above its overhead supply zone for a while now!

Take a look at the chart below, the price has been trying really hard to absorb all that supply near 785. After multiple attempts, just as we always say- the times a level is tested the more likely it is to be breached! We're looking at a monthly chart where the price broke out of a 5-year base formation. This is crucial since this is a monthly chart trend! This means we're looking at a longer-duration outcome here.

We are bullish above the risk management level of 785, with a target close to 1,140.

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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