MASTEK BO [Weekly]
Updated
MASTEK is giving a 40W BO with good accumulation seen on the charts on daily timeframe. In this current market this stock is showing accumulation. Might be a sign of a leader when market resumes the run.
RS Score has improved from 38 on 25th Oct to 70 this week. So in a pressured market, when a stock RS score improves, its good to track it. On top of that we can spot accumulation in that as well.
Fundamentally the numbers seem on an upward slope, so the accumulation makes sense when paired with fundamentals. FIIs stake has reduced though, that's a worrying thing for me tbh.
On the longer duration front, a huge base weekly BO is upcoming on the chart, so once that overhead supply gets cancelled out, this can rally hard. Waiting to see if distribution occurs at that level or not, if it does, will probably remove it from watchlist.
RS Score has improved from 38 on 25th Oct to 70 this week. So in a pressured market, when a stock RS score improves, its good to track it. On top of that we can spot accumulation in that as well.
Fundamentally the numbers seem on an upward slope, so the accumulation makes sense when paired with fundamentals. FIIs stake has reduced though, that's a worrying thing for me tbh.
On the longer duration front, a huge base weekly BO is upcoming on the chart, so once that overhead supply gets cancelled out, this can rally hard. Waiting to see if distribution occurs at that level or not, if it does, will probably remove it from watchlist.
Trade active
This scrip is testing patience now. I can see some volume dry up. 21 DMA has reached the pivot point where 40W BO happened. Still in watchlist, considering this name seriously now if a couple more days of volume dry up happens.
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