[Premium] Trade Of The Week

August 24, 2020

This week we're looking at two stocks that have pulled back to their risk management level.

It's "go time" for these names. If they're going to move higher, this would be a logical level for them to propel higher off of.

Here's Nestle India Ltd., which has been on our list for a while. It has pulled back towards support near 16,000 again and is now trying to turn higher. The more times a level is tested, the more likely it is to fail, so we want to see this move higher sooner rather than later. If we're above 16,000, the bias is higher back towards 18,000 and eventually 20,300.

Click on chart to enlarge view.

Another name we've been looking at for a while is India Cements. It's pulled back towards support at 111 and is trying to move higher. If prices are above that level, then the bias is higher towards 166.

There are a lot of stocks on the move, but these two haven't been able to get going. if the rotation we've been seeing is going to continue, these former leaders should catch a bid again and continue their journey higher.

For all of the stocks we want to be buying and selling, make sure to review our Trade Ideas page.

Also, make sure to check out our "Three Charts For The Week Ahead."

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team