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

• 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).
  

Comment:

Keep Stop Loss @ 566

Comment:

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

Comment:

New entry in Deepak Fertilizers only above Target 1.

Trade active:

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

Comment:

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.