[Premium] Trade Of The Week

JC Parets
January 17, 2022

The market has been different over the past two weeks compared to the past two months. We're seeing a resumption in trend in several sectors and today Fertilizers are in focus.

Let's take a look at the trade for this week!

Chambal Fertilizers has featured in our trade ideas in the past and it is back again!

We saw a price breakout in the week gone by and found a nice trade setup in the process. The price has been halting above its fibonacci extension close to 410. With the breakout coming through above the level of 430, we're looking at a new set of crucial levels to follow.

You'll also notice that the indicator is back into the bullish regime territory, adding strength to the move. What also acts in favour of this trade is the relative strength in the chart. The ratio is making new highs as we speak.

We are bullish above the risk management level of 430, with a target near 640.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team

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