[Premium] Trade Of The Week

JC Parets
February 24, 2023

This week we're looking at Capital Goods stocks.

The Capital Goods sector is one of the few sectors that has maintained its stability amid the market's fluctuations. Triveni Turbine has been trading in a narrow range above the 61.8% Fibonacci retracement level of its previous uptrend since August 2022. This level acts as a major support zone for the stock and indicates that the buyers are still in control.

Triveni Turbine has been consolidating above the key Fibonacci level for over four months. Moreover, the price relative to Nifty 100, which measures the stock's performance against the broader market index, has surged to a new high. This shows that Triveni Turbine is outperforming its peers and attracting more demand from investors.

We're bullish as long as it stays above the risk management level of 250, with a target close to 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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