Chambal fertiliser a Breakout or a trap ?
Chambal Fertilisers and Chemicals Ltd. is an interesting chart with following
1. RSI on all time frames (DWM) above 60
2. Narrowing Bollinger Bands on weekly chart and price walking on upper band
3. Break out of 8 month long consolidation in range of 440-540 zone
4. Strong weekly Engulfing candle and on daily chart strong Anchor candle with huge volume
5. On monthly charts stock made breakout of 2 year long consolidation (247 to 440 zone) in June 2024 and since then stock was consolidating and last week made a huge engulfing candle covering all previous candles
6. Major supports at 495 to 500 zone being 20 day, 50 day and 200 day SMA
Will it sustain and make a new high or will it fizzle out
Lets See How it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do hold small position in the stock as on date and I may look to take some position with my own Risk Reward matrix.
1. RSI on all time frames (DWM) above 60
2. Narrowing Bollinger Bands on weekly chart and price walking on upper band
3. Break out of 8 month long consolidation in range of 440-540 zone
4. Strong weekly Engulfing candle and on daily chart strong Anchor candle with huge volume
5. On monthly charts stock made breakout of 2 year long consolidation (247 to 440 zone) in June 2024 and since then stock was consolidating and last week made a huge engulfing candle covering all previous candles
6. Major supports at 495 to 500 zone being 20 day, 50 day and 200 day SMA
Will it sustain and make a new high or will it fizzle out
Lets See How it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do hold small position in the stock as on date and I may look to take some position with my own Risk Reward matrix.
Disclaimer
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