High momentum stocks to keep an eye on 16-May-2023

Looking for stocks that could deliver good returns soon? Here are the High Momentum stocks that one must watch for tomorrow selected on a three-factor model.            

Many participants see a stock opening with a gap-up and wish they should have bought this high momentum stock a day before to take advantage of the gap-up move. To fulfil this wish, we have come out with a unique system, which would help us to get the list of candidates that can be probable high momentum stocks for tomorrow.         

The high momentum stocks for tomorrow selected are based on a three-factor prudent model. The first important factor for this model is price, the second key factor is the pattern, and last but not least is the combination of momentum with volume. If a stock passes all these filters, it would flash in our system and as a result, it would help traders to spot the high momentum stocks for tomorrow at the right time!            

Here are the high momentum stocks to keep an eye on:          

EIHOTEL: The stock registered a breakout from its triangle pattern with massive volumes. It has jumped nearly 3% on Tuesday and volumes stood greater than the 30-day average volume. All its key moving averages are in an uptrend and indicate strong bullishness across all timeframes. We can expect it to remain positive in the next trading session as well.       

Mazagon Dock Shipbuilders: The scrip has surged over 8% and has broken out from its corrective consolidation phase. With this, it has crossed above its prior swing high levels. It has formed a strong bullish candle on the technical chart. With the trading at the day’s high, we can expect a gap-up opening in the next trading session.    

Mishra Dhatu Nigam Limited: The stock is in strong uptrend lately, having surged over 25% in about 6 weeks. Interestingly, the volume recorded on Tuesday is above average and the stock has jumped 5% intraday. Moreover, it has crossed above its 200-DMA and shows strong relative strength. With positive price action and bullish technical parameters, the stock is expected to remain bullish in the next trading session.