The “Chart of the Day” is Tata Motors Ltd. (TTM), which showed up on Wednesday’s Barchart “NYSE 12-month high” list. TTM gapped higher for a second day on Wenesday and posted a record high on heavy volume and finished the day up +4%. Barchart’s Trendspotter(tm) has been long TTM for the past 4-weeks. TTM first gapped higher on Tuesday when it reported that sales for the April-June period rose 64%. TTM then gapped higher on Wednesday and extended its rally when the company said it that its Jaguar Land Rover lines are facing engine shortages due to stronger than expected demand for the vehicles and it is exploring “de-bottlenecking measures” and is in talks with suppliers about increasing production. Tata Motors, with a market cap of $10.1 billion, is India’s leading automotive manufacturer.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. Then we applied a “Custom View” heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart’s Opinion trading systems are mostly a Buy and Barchart’s daily Trendspotter(tm) trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- Trendspotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 33% Buy
- Overall Average 88% Buy
Barchart links for further information:
Quotes and Charts, Technical Analysis, Barchart Opinions, and Chart of the Day Archives
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