Top 3 breakout stocks trading below Rs 100

These three equities gained significantly during Tuesday’s trading sessions, indicating strong bullish action.

Here’s an in-depth look.

Snowman Logistics Ltd

Snowman Logistics exhibits a compelling technical setup. The stock has demonstrated an indication of a Price Volume Breakout along with a breakout of the flag and bounce from the support level on a daily time frame, signifying a strong bullish sentiment. Furthermore, it trades above all key moving averages, reinforcing the positive outlook.

The presence of a Bullish long-range candle adds to the bullish signals, indicating a potential change in the previous sideways trend after the flag breakout. The Relative Strength Index (RSI) at 68.84 suggests the bullish strength for the trend. The observed volume spike and successful bounce back from the lower trendline of channel confirmation to the bullish momentum for the longer term.

Lloyds Engineering Works Ltd

Lloyds Engineering Works presents an intriguing technical picture. The stock has witnessed a Price surge and bounced back from a crucial level, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The prior consolidation breakout failed, but now the move suggests a continuation of the current uptrend.

The RSI at 70.39 indicates a healthy uptrend without reaching an overbought condition. A notable volume rise and a green candle-breaking 52-week high solidified the technical strength and potential for further upside. The stock price has already shown a strong move after the base pattern breakout, currently, stock price is reflecting the same thing.

TV18 Broadcast Ltd

TV18 Broadcast portrays a promising technical scenario. The Price bounce back, accompanied by the support level, suggests a renewed bullish momentum. The price volume breakout from support may reinforce the stock’s strength again. The RSI at 63.05 indicates a neutral strength to start a new fresh trend with favourable conditions. The presence of today’s volume doesn’t add any bullish signal but a pullback on the day suggests a short uptrend. At these levels, the stock already traded with good volumes and it may further trigger in stock price if the price continues to move up. Overall, the stock appears well-positioned for little upside movement with possible sudden corrective actions.

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.