Breakout stock below Rs 50: Coffee Day Enterprises sizzles over 10 per cent
If you love the aroma of coffee or often hang out with your loved ones to have some conversation over coffee, then I’m sure, Café Coffee Day (CCD) needs no special introduction! It’s undoubtedly been the most favourite hangout zone among the youngsters! However, today, we’re here not to discuss its menu or any special offer but instead, the breakout that has been witnessed in the stock of Coffee Day Enterprises Limited.
On Friday, the stock witnessed a staggering move of over 10 per cent along with a sharp jump in the volumes. The stock recorded its highest single-day volume so far in the last six months! Its volume already exceeded the prior trading session’s volume and has become the highest single-day volume in the last four months.
The stock has witnessed a breakout of a 35-day long consolidation pattern along with robust volume. Higher volume indicates larger participation in the direction of the breakout. The daily 14-period RSI is in the super bullish zone. Interestingly, the weekly RSI has rebounded, taking support at its nine-period average. The daily MACD is pointing northward while sustaining above its nine-period average; thus, validating positive bias in the stock.