#LONG on DEEPAK FERTILISERS: Triangle pattern Breakout (Weekly)

Jul 9, 2023

• Deepak Fertilisers reached an ATH of 1062 in the 3rd week of Oct'22 and then corrected by approximately 52% to reach a low of 512.40 in Mar'23. It took support from the base of the triangle pattern and resumed uptrend.
  
  
• On 1st June'23, the scrip succesfully broke out of the triangle pattern reaching a high of 570, followed by 1 month of consolidation.Last week, the scrip has risen by 9%, forming a large bullish candle on weekly chart.
  
  
• Yesterday, it rose by 1.99%. Targets seem achievable in 6 months.
  
  
• Potential upside: 60% to 90% (Medium Term)
  
  
• Maintain Strict Stop Loss: 583 (daily closing basis).
  

Jul 24, 2023

Note

Keep Stop Loss @ 566

Aug 30, 2023

Note

Stop Loss may be shifted till 533 for a fresh entry.

Dec 21, 2023

Note

New entry in Deepak Fertilizers only above Target 1.

Jan 2, 2024

Trade active

Unfortunately stock couldn't achieve target within timeline. The stock has been testing patience.

Feb 20, 2024

Note

Deepak Fertilizers entered into a long term supply agreement for Liquefied Natural Gas with Equinor ASA, Norway.

Positive news keep on coming for fundamentally strong stocks. Never worry about corrections and stay invested.

Aug 2, 2024

Note

Although stop loss was hit, the stock achieved 1st and 2nd targets.

Target 3 approaching...

Nov 13, 2024

Trade closed: target reached

All targets achieved!!!!