Stocks on the verge of multi-year high breakouts; Check details

A multi-year high breakout occurs when a stock surpasses a price level that it has been unable to breach for several years. This signals a major shift in market sentiment and often suggests the emergence of a new, long-term trend.

Four multi-year high breakout stocks

Info Edge India (YTD return: 39%)

The stock of Info Edge India Ltd is trading at ₹7,444.45 and is on the verge of a two-year high multi-year breakout. The stock has been in the formation of a rounding pattern which seems like a base formation on the monthly chart; as the above chart shows, it has been traded below its all-time high for two years.

The stock price had the lowest price of ₹3,308.20 in the last 2 years from which it has gained 125.03% till now. It has a 52-week low of ₹3,972.05 and it has given returns of 77.50% in one year.

Rane (Madras) Ltd (YTD return: 66%)

Rane (Madras) Ltd are currently trading at ₹1,413.45. The stock has seen a sharp up move indicated by a single bullish candlestick this month. The stock is giving a breakout of its 6-year high. As shown in the above chart, the stock has already reached far away from the breakout level and may see some pullback in the coming months as the upper wick showing the same signs. The average trading volumes are seen rising from the year 2020.

Over the last six years, the stock price has reached a low of ₹125 and gained 1,030.76% from that low to now.

After crossing the mark of a 6-year high, the stock has an open sky to mark a new all-time high. It is trading at its 52-week high and it has given 114.16% returns in the last year.

SPML Infra (YTD return: 165%)

SPML Infra Ltd is currently trading at ₹244.02 in an uptrend supported by good rising volume as marked on the above chart. The stock price has formed a rounding pattern in the last 6 years and now it has given a multi-year breakout. During the last six years, the stock made a low of ₹4.90, and since then, it has given returns of 4,880%. The stock is trading at an all-time high, and it has given returns of 584.49% in one year.

As the stock has broken out of its 6-year high volumes are spiking about its monthly average volume.

MSP Steel & Power (YTD return: 73.9%)

The stock of MSP Steel & Power Ltd is trading at ₹41.02 and has breached its 10-year high multi-year breakout.

Ever since the stock fell from its 10-year high it has found strong support near the ₹3.50 mark which is the low made in the last 10 years. Over the last three years, the average volume of trades has increased as marked on the chart.

In the last ten years, it has jumped 1,072% from its lowest point of ₹3.50. The stock has a 52-week low of ₹11.45, and it has given returns of 225.56% in one year.

Conclusion

The above-mentioned stocks showed strong recoveries after a decade and reached their respective multi-year highs.