Multibagger Coffee Day zooms over 16% with strong volumes!
“A coffee a day keeps the grumpy away” is a jocular one-line coffee saying-similar to “An apple a day keeps the doctor away”.
As per the saying a coffee a day keeps the grumpy away may or may not be certain, but when it comes to returns certainly Coffee Day Enterprises on Tuesday will not keep handsome returns away from its shareholders. That’s because, the stock has soared more than 16% and it is trading near day’s high. With this strong move the stock has touched levels which were last seen in Mid-February 2022.
The stock has formed one of the most bullish candles since August 10, 2022 along with strong volumes. Volume so far for the day is more than five times of the 50-days average volume of 0.34 crore share per day highlighting larger participation in the direction of trend. Considering that the stock is trading nearly to its 7-month high, it is trading above its all-key moving averages like 20, 50, 100 and 200-DMA.
The daily 14 periods RSI is seen rebounding after forming a base at the nine periods average has thus supports the positive bias. Furthermore, the RSI has marked a fresh 14-period, which is positive for the stock. The daily MACD is pointing northward while sustaining above its nine periods average thus validates positive bias in the stock. The stock is clearly uptrend and the trend strength is extremely high. The Average Directional Index (ADX), which shows trend strength, is as high as 42.09 on a daily chart. Generally, above 25 levels is considered as a strong trend. Also, +DMI is at 37.75 and it is in rising ascending trajectory, which adds signifies strong bullish trend in the stock.
The stock is up by over 136% in the last one year, while on a YTD basis the stock has advanced over 53%.
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