Breakout stocks of the day: Mahindra Logistics and TCNS Clothing

Mahindra Logistics and TCNS Clothing are strong positive breakout prospects with price volume support. The stock price, which is currently trading at Rs 424 and Rs 406, has shown a rectangle and inverse head and shoulder breakout, respectively. The breakout is in sync with the RSI, ADX, and other technical analysis metrics.

Mahindra Logistics Ltd

Daily chart of Mahindra Logistics Ltd 

Shares of Mahindra Logistics are currently trading with a strong bullish candle and a robust rectangle breakout. Because buyers were ready to invest in this company, today’s daily volume spiked to a high.

The stock opened at Rs 394 on Tuesday, traded at an intraday low of Rs 392, then surged to a day high of Rs 425. It has been in consolidation or a range for the last 10 months and has broken over upper resistance, indicating a trend reversal.

The price of Mahindra Logistics is about to touch its 52-week high with impetus after a breakout with volume increase. With its breakout, it is poised to start a positive trend. The stock volume has reached its maximum previous spikes, and it is expected to grow further soon because the setup appears to be great. The stock price has bounced from its 50-day moving average, indicating that it is striving to set new highs. Today, the stock price had a price volume breakout, allowing this breakout to trade higher.

The relative strength index has now entered the 65-80 range again, indicating that the stock price may rise further.

In the case of a lower-side retracement, the major support level to watch for during any corrective swings is 50-day EMA. The stock price might reach a high of Rs 500 as a target. The overall structure remains favourable for traders, as the stock continues to move above all of its important moving averages, indicating a long-term upward trend.

Mahindra Logistics Ltd. engages in the development and implementation of customized, technology-enabled logistics solutions.

TCNS Clothing Co. Ltd

Dailly chart of TCNS Clothing Co. Ltd

TCNS Clothing’s stock is trading with a green daily candle and is on the verge of a breakout of the inverted head & shoulder chart pattern with volume spike.

On Tuesday, the stock began at Rs 378, then made an intraday high of Rs 412. It is in consolidation for the last 16 weeks.

TCNS Clothing is about to confirm the breakout after the closure of the day candle, which would reverse the bearish trend. The stock is trading near its 52-week low and may show a quick jump after breaking out. The stock price saw a price volume breakout on Tuesday, which was accompanied by a volume rise bigger than the ordinary trading day.

The relative strength index has also into the 65-80 range, indicating that the stock price may begin to rise sharply in the near future as it crosses the level of 73. The ADX indicator line is rising from the bottom and is now trading at 18, indicating that directional strength is on the lower side.

The 50-day EMA is the fundamental support level to watch for during any corrective movements. The overall structure remains favourable for traders, with the stock trading above all of its major moving averages.

TCNS Clothing Co. Ltd is engaged in the business of women’s apparel and accessories.

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.