Stock comfortably broke the high (1216.2) it made in 06-Sep-21 and closed above in the week starting 02-Sep-24. A multi-year breakout on a weekly time frame
Over the same window company's PE ratio has decreased from 27.2 on (06-Sep-21) to 19.7 on (04-Oct-24) indicating a more attractive valuation given the company's earnings
RSI in the week of 02-Sep-24 (64.08) is above 60.
Breakout in 02-Sep-24 happened with above average trade volume (9 SMA)
Will wait for a bullish weekly candle to initiate trade.
Trade setup: Plan to initiate trade if the price goes above the highs made in the week of 02-Sep'24. Hopefully that would also result in a bullish weekly candle closure
Not
Ignore the previous update on the Week of 07-Oct above
Week of 14-Oct
The previous week also closed with a red candle.
Will wait for a bullish weekly candle to initiate trade.
Trade setup: Plan to initiate trade in the current week if the price makes a new high. Previous high was made in the week of 16-Sep'24 i.e. 1341. Will trigger a buy above 1341. Hopefully that would also result in a bullish weekly candle closure.
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