Weekly Pick 07th October 2024

1. CEAT LTP 3,060

(Source: Moneycontrol, BSE, Fisdom Research)

(Source: Fisdom research)

• CEAT has given an Inverted Head & Shoulder pattern breakout on the weekly chart and prices are sustaining above the neckline of the pattern.
• Stock has shown above-average volumes at breakout indicating a confirmed breakout.
• Momentum Indicator RSI (14) is hovering near 60 levels with a bullish crossover.
• Stock has been trading above 50 EMA on the weekly chart maintaining the bullish momentum.
• The Higher High Higher low pattern still exists in the broader time frame.
• The MACD indicator is reading with a bullish crossover and has sustained above its polarity levels.

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