As we can see in above chart that Chambal Fertilisers stock has formed a bullish head and shoulder pattern on the daily chart.
The stock is looking bullish and it’s ready for the fresh breakout. We have seen a neckline breakout in the last trading session. It has major resistance around 160, we will wait for this level for fresh entry. If able to close above this level then we will a sharp upside move.
Indicators like RSI and Stochastic indicate a bullish move in this stock. The stock has taken support near its 200 days moving average and now breaks 50 days moving average and close above it on the daily chart.
Chambal Fertilisers, break and close above 160 will see a sharp upside move till 180 and then to 190 levels in days to come.
Support and stop loss below 145 levels on a closing basis.