[Premium] Trade Of The Week

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.

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Allstarcharts Team