Metro Brands shares rallied 6 percent after consolidating for eight straight sessions to close at Rs 848 on April 20.
The stock formed a robust bullish candlestick on the daily charts, a healthy sign. The rally also pushed Metro Brands decisively above 50 and 100-day exponential moving averages (EMA), which is another positive sign. The stock has never breached its 200-day exponential moving average (Rs 764) on a closing basis, which acted as a strong support.