This stock has gained over 400% and meets the Trend Template of Mark Minervini.

This stock has gained over 400% and meets the Trend Template of Mark Minervini.

by 5paisa Research Team Last Updated: Apr 04, 2022 - 03:32 pm 50k Views
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From the low of Rs 118.25, which was registered in the last week of March 2020, the stock Uflex Limited has gained over 420%. Currently, it has given a downward sloping trendline breakout on the weekly chart.

The stock of Uflex Limited has formed a hammer candlestick pattern as on the weekend of March 27, 2020, and thereafter marked the sequence of higher tops and higher bottoms. From the low of Rs 118.25, the stock has gained over 420% in 80-weeks.

In the current week, the stock has given a breakout of downward sloping trendline resistance formed by connecting swing highs from July 2021. Further, this breakout was supported by a robust volume of more than 5 times of 50-weeks average volume, indicating strong buying interest by market participants. The 50-weeks average volume was 17.73 lakh while in the current week the stock has registered a total volume of 97.09 lakh.

Currently, the stock is meeting the criteria of Mark Minervini's Trend Template. The current market price of the stock is above the 150-day (30-week) and the 200-day (40-week) moving averages. The 150-day moving average is above the 200-day moving average. Since the last 326 trading sessions, the stock is trading above its 200-day moving average.

The 50-day (10-week) moving average is also above both 150-day and 200-day moving averages. The current stock price is above the 50-day moving average. Also, the current stock price is 105% above its 52-week low and currently, it is trading at all time high.

In the last couple of weeks, the stock has outperformed the frontline indices. Also, it has relatively outshined the Nifty 500 with a decent margin. The relative strength comparison with Nifty 50 and Nifty 500 is marking the higher high.

The momentum indicators and oscillators are also portraying a bullish picture. On all the major timeframes, the leading indicator 14-period RSI is in bullish territory. Most importantly, on the weekly chart, the RSI has taken support at the 60 mark and started rising higher, which indicates range shift as per the RSI range shift rules.

Talking purely about the trading levels, the zone of Rs 675-Rs 685 is a crucial resistance for stocks and the level of Rs 545-Rs 525 will act as crucial support for the stock.

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