SWING IDEA - CHAMBAL FERTILISER

Chambal Fertilisers, a prominent player in the fertiliser industry, has recently garnered attention for its intriguing price action and technical indicators, prompting a closer examination for potential trading prospects.

Reasons are listed below :

• Recent price action witnessed a breakthrough of the strong resistance zone at 350 levels, indicating a potential shift in market sentiment towards bullish momentum.
  
• A bullish engulfing candle on the weekly timeframe signals a bullish reversal, suggesting a possible uptrend ahead.
  
• The price aligns closely with the 0.382 Fibonacci retracement level, providing added support to the bullish outlook.
  
• After over two years of consolidation, the stock has finally broken out of this range-bound behavior, indicating a change in trend dynamics.
  
• Recording its highest close in eight weeks, Chambal Fertilisers trades above the 50 and 200 exponential moving averages (EMA), indicating strong bullish momentum.
  
• Consistent higher highs in the price action suggest a sustained uptrend.
  
• Notable upticks in trading volumes accompany recent price movements, indicating heightened investor interest and potential for significant price moves.
  
  Target - 415 // 480 // 515
  StopLoss - weekly close below 340
  
  DISCLAIMER -
  
  Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
  
  @visionary.growth.insights
  

Comment:

We can add quantity as hammer candle has been formed on crucial support levels.

Comment:

Price sharply bounced back from support levels.
Trend is intact, HOLD!

Comment:

Bullish Marubozu Candle is formed.
We are up by 2.5%

Trade closed: target reached:

1st target achieved : 14.2% ++