Bullish momentum: Metropolis Healthcare Limited

The stock of METROPOLIS is displaying strong bullish momentum lately and has surged over 8% on Tuesday.

Metropolis Healthcare is engaged in the business of medical laboratory operations. It is a midcap company with a market capitalization of about Rs 12000 crore. The stock is in focus due to its recent run-up and strong trading activity.

The stock of METROPOLIS is displaying strong bullish momentum lately and has surged over 8% on Tuesday. In the past three trading sessions, it has gained nearly 20%, thus demonstrating strong momentum. With today’s strong price action, it has filled the gap it created on February 14, 2022. The strong momentum is accompanied by rising volume, which is greater than the 10-day and 30-day average volume. It took the support at its 20-exponential MA and bounced back sharply. On the technical chart, the stock has formed a strong bullish candle with an open=low scenario. Moreover, it currently trades at a day’s high.

The 14-period daily RSI has jumped to 75 and is in super bullish territory. The trend indicator ADX is above 25 and points northward, indicating strong trend strength in the stock. Meanwhile, the AMCD line continues to be above the signal line and zero line. Interestingly, the OBV is inching higher and has jumped above the prior swing high, indicating strong strength from the volume’s perspective. The stock trades above all the key short term moving averages.

Despite its poor performance on a YTD basis, the stock has gained sharp momentum on the upside and looks to turn things around. With such strong momentum described by its strong price action and volume along with bullish technicals, the stock is expected to generate returns of 5-10% within a short span of time. The stock shows no signs to halt and is expected to continue the momentum for some more time.  Short term traders and risk-takers can hop into this stock and can earn some quick bucks!