Technical Analysis of BreakOut Stocks for Short Term Trading – December 29, 2021 - Philips Carbon, Intellect Designs
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):
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):
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.
Start Investing in 5 mins*
Rs. 20 Flat Per Order | 0% Brokerage
Open Free Demat Account
By proceeding, you agree to the T&C.
After a gap-up opening, the nifty index traded higher throughout the day and settled at 18593.85 levels with a 60 points gain. While, Banknifty inched up by 0.37%, and closed at 44101.65. On the sector front, Nifty Auto & Media has contributed more than 1% gains, followed by the Metal and Commodities indices. While PSUBANK, FMCG & IT dragged slightly for the day.
- Jun 05, 2023
Introduction In today's digital age, knowing how to protect a demat account from fraud is crucial. An electronic repository for retaining your securities, a demat account is susceptible to many forms of fraud and online threats. However, you can protect your demat account and lessen the risk of fraudulent actions by taking crucial precautions.
- Jun 04, 2023
Introduction A person starts investing with a sizable financial objective, but whether they can create that much money is always questionable. The goal is to become wealthy - a billionaire numerous times over. Making 50 lakhs in 5 years may seem to be an impossible feat, but it is not. Anyone may accomplish important financial objectives with appropriate preparation and dedication.
- Jun 04, 2023
Fill in your details below: