[Premium] Trade Of The Week

JC Parets
July 26, 2022

We have a new sector that's making a new all-time high! Nifty FMCG is successfully putting in higher highs and higher lows. And today we're here to discuss a long idea from FMCG.

Radico Khaitan has been a part of our Monthly conference call recommendations recently and here we have the stock making its way to our Trade of the Week post!

The price has broken out above its resistance of 940 and is sustaining above it. We're essentially looking at a 6-month base breakout in price. With this move, the stock is back above its 261.8% Fibonacci retracement.

The indicator has also moved into bullish momentum territory, adding strength to the breakout. On a relative basis, the stock is displaying signs of further advance.

We are bullish above the risk management level of 940 with a target close to 1,390.

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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