[Premium] Trade Of The Week

JC Parets
April 19, 2022

We alluded to the strong move that we're observing in the Fertilizers and Chemicals space. Today we're here to take a look at one such stock that just broke out above its resistance and looks good to go!

Read on to know more.

Chambal Fertilizers has been displaying strength for a while now. We saw the price attempt to break out above its resistance level near 460 and guess what? We finally have it! Owing to the strong move in the sector, Chambal too broke out on the weekly chart and proceeded to follow through as can be seen in the chart below.

The indicator is in bullish momentum territory and has shown no signs of weakness even as the price moved sideways. The price was also trying to keep its head above the supply zone of 460.

We are bullish above the risk management level of 460 with a target close to 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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