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Consolidation-breakout

PEL looks to be breaking out of channel patternPiramal Enterprises Ltd is one of India's largest diversified companies. Its businesses are divided into two verticals i.e. financial services and pharmaceutical business. On short term analysis of chart, a very clear downward moving channel is identified on candlestick chart. Stock has near the upper end of the channel and is also forming triangle pattern. A breakout above the trendline should indicate that price can move towards its ATH price. For options traders, a bull put spread should be a better alternative than call bull spread as movement may be slow.
NSE:PELLong
by Sohamkulkarni
2
$RHI to head higher after breaking out of a tight 3week range?* Great earnings * Very strong up trend * High 3-month relative strength of 1.41 in the Healthcare sector * High U/D volume ratio of 1.51 * Breaking out of a very tight 3 week consolidation of ~3.85% with higher than average volume * If you have access to Volume Profiles you can see that the $113.04 area has tonnes of volume. * We can expect the $113.04 area to serve as support moving forward. Trade Idea: * Looking at the weekly, this seems like a great time to enter as it's recovering from the pull back. * If you are looking for a better entry you can wait for an opportunity around the $113 area as that should serve as support moving forward.
NYSE:RHILong
by HaseebKhan_90
TER will it continue to the up side?* Exceptional earnings * Very strong up trend in the long term * Very high 3-month relative strength of 6.35 in the Tech sector * Pays out dividends * I last discussed this early December 2021 when it broke out of an 11 month base. * Since then it did move higher and due to recent market conditions it had a slight pull back. * Used $163.03 as support before breaking below. * Now it's breaking out of the pull back zone and showing signs of going higher. Trade Idea: * Given the market uncertainty you can wait to see how it behaves next week. * You can enter at today's close * Or if you're looking for a slightly better entry you can look for an opportunity near the $163.03 area. * If you have access to Volume Profiles you can see that the $163 area did receive quite a bit of volume so I would expect it to serve as support moving forward.
NASDAQ:TERLong
by HaseebKhan_90
2
KLAC ready to make new all time highs?* Exceptional earnings quarter over quarter * Incredibly strong up trend over the long term * High 3-month relative strength of 2.87 in the Tech sector * Pays out dividends * Breaking out of a base on base pattern * First base lasted ~8 months before breaking out * Second base formed immediately after the breakout and has been forming for the past ~9 weeks * Current week is also forming a bullish engulfing candle * It did try and break out of the second base earlier but due to current market conditions it had a slight pull back. * Now it's breaking out for the second time with higher than average volume. Trade Idea: * You can enter now at today's close as a starter position if you want to stay in the market and set a closer target.
NASDAQ:KLACLong
by HaseebKhan_90
LITE breaking out of a tight range with higher than average volu* Excellent earnings * Strong up trend in the long term * High 3-month relative strength of 2.61 in the Tech sector * High 50 day U/D ratio of 2.11 * Breaking out of a 3.31% range * During the consolidation the volume did dry up and as it started breaking out the volume picked up. Trade Idea: * You can enter now as the price is just breaking out of the tight range * If you're looking for a better entry you may wait for an entry opportunity near the $105.61 area
NASDAQ:LITELong
by HaseebKhan_90
1
ITW finally ready to move higher?Note: I've mentioned this stock a couple of times before but both times it pulled back to an expected level due to the market conditions at the time. * Excellent earnings * Very strong up trend * High 3-month relative strength of 2.61 in the Industrial sector * Breaking out of a ~9 month base with higher than average volume * Tried to break out a couple of times before but failed due to market conditions at the time * Now breaking out again with higher than average volume * The recent price action did make a double bottom and the price has confirmed a break of the double bottom as well. Trade Idea: * Now's a great time to enter as the price is just breaking out and is close to the broken level * If you're looking for a better entry you can look for a buying opportunity near the $242.52 area
NYSE:ITWLong
by HaseebKhan_90
MMC looking to make new highs!Note: I last spoke about MMC around mid October and since then it has consolidated and now it's showing signs of going higher. * Excellent earnings * Very strong up trend * Very high 3-mont relative strength of 6.87 in the Financial sector * Breaking out of a ~2 month base with higher than average volume * We can see that it tried to break above earlier but came back down due to the market volatility * It's also showing healthy signs for a continuation on the weekly chart Trade Idea: * If a little volatility doesn't bother you, now's a great time to enter as the price is still close to the broken level. * Moving forward, $171.13 should serve as support so if you're looking for a slight discount you can look for an entry around that area.
NYSE:MMCLong
by HaseebKhan_90
1