High momentum stocks to keep an eye on 9-May-2023
Looking for stocks that could deliver good returns soon? Here are the High Momentum stocks that one must watch for tomorrow selected on a three-factor model.
Many participants see a stock opening with a gap-up and wish they should have bought this high momentum stock a day before to take advantage of the gap-up move. To fulfil this wish, we have come out with a unique system, which would help us to get the list of candidates that can be probable high momentum stocks for tomorrow.
The high momentum stocks for tomorrow selected are based on a three-factor prudent model. The first important factor for this model is price, the second key factor is the pattern, and last but not least is the combination of momentum with volume. If a stock passes all these filters, it would flash in our system and as a result, it would help traders to spot the high momentum stocks for tomorrow at the right time!
Here are the high momentum stocks to keep an eye on:
First Source Solutions: The stock registered a breakout from its triangle pattern with above-average volume. It jumped nearly 10% on Tuesday and traded at the day’s high. The technical parameters show strong momentum in the stock, and thus, it is likely to trend positively for next week.
Tata Communications: After many days of consolidation, the stock witnessed strong buying interest and surged over 5% on Tuesday. With this, it has crossed above its prior swing high and has formed a bullish bar on the technical chart. We can expect it to remain positive in the next trading session as well.
IGL: The scrip had taken a pause after a strong rally of about 20% from prior swing low. A strong technical breakout has been witnessed during Tuesday’s trading session, and the stock has marked a fresh 52-week high level. Volume recorded on Tuesday is also the highest in many days. We can expect a gap-up opening in the next trading session given such positive sentiment in the stock.
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