Top 2 Stocks with ‘Breakout’ Pattern on Charts 5/5 (1)

Trading Tips stocks Buy Sell

(1) Bajaj Finance

The stock has been consistently gaining buy side momentum over the last few weeks. It has given a fresh breakout on weekly charts. On Daily charts, the price action is contained in a positive price channel, which depicts increasing demand. Along with with that, Bollinger bands

also show tagging of upper bands indicating increase in strength of the stock. (Learn more about Bollinger Bands in our

 

 

 

 

Basic Technical analysis Module. Check this link for details).

Fresh longs may be initiated in this counter above the immediate resistance of 2840/-.

My outlook for the stock in Short Term & Medium Term is Positive.

Technical Pattern: Bollinger Bands

Action
Trigger Price
Stop Loss
Target 1
Target 2
BUY >2840 2825 2860 2890

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(2) HDFC Bank

The stock has been given a price break out on daily charts. This breakout also coincides with the new monthly highs and is also supported by strong volumes which indicate new demand surging in the counter.

Price-volume indicator, CMF further substantiate this bullish move as it moves into the positive value zone.

Apart from CMF, momentum indicator RSI has also entered into the overbought zone indicating a persisting strength in the stock.(Learn more about RSI in our Basic Technical analysis Module. Check this link for details).This bullish momentum may continue in the counter in immediate term.

My outlook for the stock in Short Term is Positive

Technical Pattern: Price Breakout+CMF

Action
Trigger Price
Stop Loss
Target 1
Target 2
BUY >2235 2210 2246 2259

 

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The above analysis is based on closing prices as on 13th March, 2019 & Trading levels mentioned in the post are valid upto 1 month

Disclaimer: All views expressed in this site are for reference only. Readers must consult their own investment adviser  before taking any investment/trading decision. We hold no financial liability to any user on account of use of information provided on this website.

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Author: Traders' Chowk

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