Chambal Fertiliser - Another Short Candidate

26 Mar 2023

CHAMBLFERT closed last week with bearish marabozu candle. It's at a pivotal weekly support of 260.8. If the price moves below that and closes below 256 which is monthly support expect the stock to test 237 and 208 levels positionally.

Short the stock in cash if you'd like and if you have the risk appetite then take an option trade cos any sideways action can decay your option premium. Looking at the price structure, I am certain that we will test the yearly support of 208 levels.

Let's see how the story develops. Best wishes!

Disclaimer -

- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
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TIA!