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The stock of Chambal Fertilisers Chemicals jumped 5.6 per cent accompanied by above-average volume on Friday, breaking above a key medium-term resistance at ₹173.
Moreover, the stock has broken out of an ascending triangle pattern that had been spanning over the past three-and-a- half months with a horizontal line at ₹173. This breakthrough provides investors with a medium-term perspective an opportunity to buy the stock at current levels.
For the week, the stock jumped about 10 per cent. Since registering a 52-week low at ₹95.2 in late March this year, the stock has been on an intermediate-term uptrend. The medium-term trend is also up for the stock.
It trades well about the 21 and 50-day moving averages. Backing the uptrend, the daily as well as the weekly relative strength index have entered the bullish zone from the neutral region.
Further, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain suggesting buying interest.
Outlook is bullish for Chambal Fertilisers Chemicals and it has the potential to extend the ongoing uptrend over the medium term.
The targets are at ₹200 and ₹215 with a minor pause at around ₹200.
Investors with a medium-term perspective can buy the stock with a stop-loss at ₹165.
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