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Charts of the Day - 22nd Nov 2021 | TraderSmith

Author: Yathisha Naik

November 22 2021 | Reading Time: 2 Minutes
Elecon Engineering

  • Today, the stock broke out from a nine-week-long double-bottom pattern on above average volume.
  • Simultaneously, the RS line is trending upward.
  • The slope of the momentum indicator RSI on multi-timeframe charts has turned upward with a positive crossover.
  • The stock has a good EPS Rank of 92, price strength of 92, and a Buyer Demand Rating of A. The number of funds holding the stock has also increased substantially in the last quarter.
Bajaj Finance

  • The stock has broken out from a “head & shoulders” neckline formation and fallen more than 5.5% as well as formed a large bearish candle.
  • Simultaneously, it has breached a trendline connecting the low of April 2021 to that of August 2021.
  • The volume was above average after 13 trading sessions.
  • Currently, the stock has closed marginally above its 100-DMA.

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