Breakout stocks of the day, 13 December 2023

Chalet Hotels and Bhansali Engineering Polymers are a strong positive breakout candidate with price volume support. The stock price is currently trading at Rs 640 and Rs 102 respectively, has witnessed a formation of rectangle and symmetric triangle chart pattern. The RSI, ADX and other parameters of technical analysis are in sync with the breakout.

Chalet Hotels Ltd

Daily chart of Chalet Hotels Ltd 

Chalet Hotels’ stock is trading with a strong green candle as the day progresses to continue the breakout of a chart pattern called a symmetric triangle chart pattern.

The stock witnessed a gap-up opening at Rs 624, jumped to its day high of Rs 664, and touched its day low of Rs 614. The stock has been in an uptrend for a long time before the formation of a pattern.

Chalet Hotels has formed a symmetric triangle chart pattern with its breakout to continue the bullish trend. The stock price is trading at its all-time high and may consolidate for a while to cool down this breakout as the day candle faces little pressure from sellers. The stock continued to trade at its all-time high with high momentum as volumes increased heavily. The stock price also witnessed a price volume breakout on Tuesday, making this breakout strong with a spurt in volume more than nine times.

The relative strength index also entered the 65–80 range, suggesting the stock price may start a new strong uptrend ahead. The ADX indicator line is cooled down currently, which may shorten this rally. The stock price is also respecting the moving average levels as it bounced from the same five days ago.

During any corrective moves, the major support level to watch for is Rs 614. The overall structure remains favourable for traders, as the stock continues to trade above all its important moving averages, indicating a sustained upward trend.

The stock has given returns of 79% in one year.

Chalet Hotels Ltd. is a holding company, which is an owner, developer and asset manager of hotels in various metro cities in India.

Bhansali Engineering Polymers Ltd

Daily chart of Bhansali Engineering Polymers Ltd 

Bhansali Engineering Polymers’ stock is trading with a strong green candle as the day progresses to continue the breakout of a chart pattern called a rectangle chart pattern.

The stock witnessed a slight gap-up opening at Rs 95, jumped to its day high of Rs 103, and touched its day low of Rs 94. The stock has been in range for a long time before breakout.

Bhansali Engineering Polymers has formed a rectangle chart pattern with its breakout to start a bullish trend. The stock price is trading at its 52-week high and may consolidate for a while to cool down this breakout as the day candle faces little pressure from sellers. The stock continued to trade at its 52-week high with high momentum as volumes spiked. The stock price also witnessed a price volume breakout on Wednesday, making this breakout strong with a spurt in volume more than four times.

The relative strength index also entered the 65–80 range, suggesting the stock price may start a new strong uptrend ahead. The ADX indicator line is cooled down, currently trading at 21. The stock price is also respecting the moving average levels as it bounced from the same five days ago.

During any corrective moves, the major support level to watch for is Rs 99. The overall structure remains favourable for traders, as the stock continues to trade above all its important moving averages, indicating a sustained upward trend.

The stock has given mutibagger returns of 9,075.00% in a decade.

Bhansali Engineering Polymers Ltd. engages in the manufacture and sale of acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) resins. Its products include general ABS, flame retardant ABS, polycarbonate and ABS alloys, transparent ABS, and extrusion ABS.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.