Positional trade setup of 64% in Chambal Fertiliser

Last week the price gave a momentum derived breakout of the triangular pattern. This breakout should end the long time consolidation in the stock. Now we have to wait for a breakout of the resistance level of 315. The breakout of 315 will initiate the uptrend. Potentially the price can test its high of 516, which is 64% from the breakout level.

EMA Bands: Both short-term and long-term ema's are on the same levels. But the degree and nature of separation of bands indicates a bullish cross in coming days.


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Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. This material is for educational purposes.

Thanks
Er. Simranjit Singh Virdi