Stocks of the same sector move together. Paint stocks are on fire and the bullishness seems to be spreading. I covered this theme around the middle of October and now covering it again.
https://www.smarketpremium.com/2019/10/15/will-berger-paints-help-lift-these-two-stocks/
Asian Paints Leadership
Source: Chartalert.com
Berger Paints New Breakout
Berger Paints broke out above 280 in May 2018 and rallied to 340 but then remianed below it before finally moving past it in August 2019. It has been spectacular rise in the stock since then.
Source: Chartalert.com
Kansai Nerolac Breakout
Kansai Nerolac stock broke out above 490 in sep 2019 and then it moved past 530 to breakout to new high. The current pullback to 530 looks like an attractive opportunity.
Source: Chartalert.com
Akzo Nobel Breakout
Akzo Nobel, varnish player, also broke out above 1822 in Sep 2019 and then pulled back to retest and has rallied nicely..
Source: Chartalert.com
Shalimar Paints exhibiting momentum
I am not a big fan of small stocks trading with low volumes. But I am sharing this stock just to demonstrate how sector breakout results in bullishness. This stock might see some near term momentum.
Source: Chartalert.com
The objective of writing this article is to demonstrate how the breakout in a sector works and how it throws opportunities. I hope this helps.