TGL Cup & Handle bullish formation and breakout

TGL technical analysis 23 April
Posted by: KSEStocks Charts 1

TGL Cup & Handle bullish formation and breakout

Tariq Glass Limited (TGL) formed a cup & handle pattern few days ago. The stock has now broken out of this pattern with a bullish candle on high volume.

TGL had a volume of 1.49mn shares today which is well above its average daily volume for this year.

The company also has its board meeting on the coming weekend and the stock could well be positioning itself for a possible positive result.

Either way, it is worth keeping an eye on. The economy seems to be opening back up and interest rate cuts could start anytime. In such a scenario, cyclical stocks like TGL always benefit.

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