Technical Analysis of BreakOut Stocks for Short Term Trading – December 29, 2021 - Philips Carbon, Intellect Designs

Stocks to Buy for Short Term

by Ruchit Jain Last Updated: Sep 07, 2023 - 05:09 pm 42.2k Views
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Read here about breakout stocks, its meaning and what are the breakout stocks for today.

Breakout Stocks: What are the breakout stocks for today?

A breakout is a phase where stock price moves outside a consolidation with increased volumes. Such breakouts generally lead to good price movement in short term and this is one of the proven method for selecting buy best share to trade for short term. In this column, we inform our readers the breakout stocks today which can be considered as best short term stocks.

We cover the stocks which have given a breakout from the resistance or stocks which have broken their important support levels. Shares which given a breakout above its resistance with good volumes should be referred for bullish trades which stocks which breaks their supports should be referred for bearish trades. 

The stocks given are for reference and traders are advised to take their own decision and trade with proper money management.
Today, we have picked two stocks which have given a breakout (or breakdown) from a consolidation phase as per technical analysis.

 

Best Stocks to Trade for Short Term - December 29

1. Phillips Carbon (PHILIPCARB):


Phillips Carbon	Price Chart

Image Source: Falcon

 

Since last couple of months, the stock has been consolidating in a range and it has formed an ‘Inverted Head and Shoulders’ pattern in this consolidation. This mentioned pattern is a trend reversal pattern and a move above the same signifies probability of an uptrend in the near term. In today’s session, prices have given a breakout from the neckline of the pattern which is a positive sign. The volumes were higher than the recent daily average and the RSI oscillator is moving northwards which indicates a positive momentum.

Hence, traders can look to trade with a positive bias and buy in the range of Rs.235-236 for potential target of Rs. 254-256. One can place a stop loss below Rs. 223 on long positions. 

 

Philips Carbon Share Price Target -

Buy Range – Rs.235 - Rs.236

Stop Loss – Rs.223

Target Price 1 – Rs.254-256

Holding Period – 1 - 2 weeks

 

2. Intellect Design (INTELLECT):

 

INTELLECT DESIGN share price chart

 

This stock has recently seen a consolidation phase and we can spot a ‘Diamond’ pattern on the daily chart. Prices have given a breakout from the resistance end of the pattern which is a positive sign. Also, the volumes on breakout were higher than its recent daily average and thus, we could see a trended upmove in this stock in the short term.

Hence, traders can look to trade with a positive bias and buy in the range of Rs.720-715 for potential targets of Rs. 790. One can place a stop loss below Rs. 680 on long positions.

INTELLECT DESIGN Share Price Target -

Buy Range – Rs.715 - Rs.720

Stop Loss – Rs.680

Target Price 1 – Rs.790

Holding Period – 2 - 3 weeks

 

 

Disclaimer:The investments discussed or recommended may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and only after consulting such independent advisors as may be necessary.

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

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