Schneider Electric witnesses a strong price volume breakout; heres what it means for traders!
The stock is expected to test the level of Rs 145, followed by Rs 150 in the short to medium term.
The shares of Schneider Electric were trending on Friday as it soared 8.39 per cent, backed by a huge volume. Interestingly, it has registered a strong price volume breakout after it consolidated in the range of Rs 117-Rs 127 for a long time. This led to a strong buying in the stock as the volume turned out to be above average and greater than the 10-day, 30-day & 50-day average volumes. The spurt in volume was over five-fold. Moreover, it closed above its prior swing high level of Rs 129.25.
Apart from its strong bullish momentum, the technical parameters also suggest bullishness in the stock. The 14-day RSI (73.32) is in a positive upmove and shows strong strength. The MACD has also indicated a bullish crossover. The stock trades above all its key moving averages and looks bullish for the short term. Overall, the stock is technically strong and is likely to test higher levels.
The stock is expected to test the level of Rs 145, followed by Rs 150 in the short to medium term. Also, a level of Rs 125 is crucial as a fall below this level shall be deemed negative.
Traders should include this stock in their watchlist to track its further development.