It has given a breakout!
Good for targets of 350 in the short term and 390 for the long term.
Company has strong fundamentals and it can prove to be a good investment stock.
Please do your own analysis before making any decisions and also let me know if I missed something.
Let's learn together.
CHAMBLFERT broke resistance of ~359
after consolidating for ~135 days.
RS is above 0.
Whole Chemical sector is very bullish maybe this stock also will join that rally.
Support is in range of 285-290.
Stocks volume showing for when it was consolidating selling pressure was very low compare to buying.
Stock has given a breakout after consolidating in range .. The breakout has happened on hourly closing basis.
There is easy 10% upside from here at least.. go in if price sustains above resistance on DCB ..
Chambal Fert has given Flag breakout on daily chart. Target should be height of flag or fibb extension 100% to 380. Entry is in entry range and move is expected in 1-3 week timeline. Volume is also supporting.
The chart forms a cup and handle pattern supported by high volumes in the counter.
The other technicals are supporting the probability:
RSI - 68 (Since it is not in the oversold territory it makes room for higher profits)
MACD is above the centre and signal line which is another bullish signal
ADX - 42 (It indicates the strong trend of the movement, which is...
Can confirm a breakout above 294 (Previous swing high and a short term resistance.
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Chambal Fertilisers is Chart of the Week this time and the stock has given a very good breakout. Keep Stop Loss at Rs.245 and go long in this counter. The whole agro industry is doing well and I expect the effects of that will be positively felt in Chambal Fertilisers as well.