#dfpcl TA

I have been following this script from January 2022, Initially #dfpcl caught my eye as there was formation of cup and handle near 500ish levels , the target from the pattern 990, which was observed in oct 2022. deep correction from 1000ish levels in oct 2022 to 530ish levels in march 2023. now consolidating in range of 530-670 forming a base and what looks likely to develop is a bullish saucers as the rising bottoms in resistance is seen recently (dec 2023) as of now the risk reward is good (2.7), the fundamentals are in play as company has announced a good amount of capex and the revenue from that will surely reflect by 2024-2025. The correction from 1000 ish levels to 530ish level from oct 2022 to march 2023 can be accounted on basis that company faced initial costs due to setup of new plants and margin pressure in chemical sectors in India , Challenges including government policies on subsidy, impact of global prices, and Russian dumping of cheap fertilizers and announcement about the demerger of its business.
I believe the next coming quaters will show positive growth in revenue and new policy from government on agriculture industries that impact the fertiliser sales as there are central elections in 2024.