This IPO listed 11 months ago is now at an all-time high despite weak market!

The stock of Rolex Rings hit a fresh all-time high of Rs 1599 on Friday despite bearish sentiment in the market. It was up nearly 2% during the initial hours of the session.

After consolidating at higher levels for about five trading sessions, shares of Rolex Rings had seen a strong breakout and a good follow-up move was seen today.

On the technical chart, the stock had registered a breakout from its falling trendline after which the stock rose about 20% in just about two weeks. Moreover, it has formed four successive bullish candles on the weekly timeframe. To support the bullish claim, the volumes have been registered above average, which is greater than the 10-day and 30-day average volume in the past few days.

As per the technical indicators, the stock possesses extreme bullishness. The 14-period weekly RSI (69.53) is above its prior swing high and indicates strong strength in the stock. The daily ADX (31.07) is pointing northwards and is rising. The +DMI is well above the -DMI and ADX. Moreover, a positivity in MACD histogram suggests a good bullish move. The KST and TSI indicators maintain a bullish view for this stock too. The stock is about 15% above its 20-DMA and 30% above its 200-DMA while all the key moving averages indicate bullishness.

The Relative Strength (RS) is in the bullish zone, suggesting a relative outperformance against the broader market. The huge surge in recent days can be attributed to strong demand outlook forecasted by the management. The company reported good quarterly numbers this season which is taken positively by the market.

Considering the above factors, the stock is expected to trade higher in short to medium term. It has the potential to test the level of Rs 1700, followed by Rs 1850 in the medium term. It provides a good opportunity for swing trading and traders can include this stock in their watchlist to track further development.