Madras Fertilizers Traiangle breakout

The idea here is about Madras Fertilizers:

Madras Fertilizers Ltd. engages in the manufacture and marketing of ammonia, urea, and complex fertilizers. It also produces bio-fertilizers and markets organic fertilizers and neem pesticides.

I am short term bullish on Madras Fertilizers due to below observed technical factors.

1. Contracting or Symmetrical triangle formation on a weekly chart as per below:
https://www.tradingview.com/x/HHow8yQm/

2. Possible bearish Butterfly pattern under formation as per below:
https://www.tradingview.com/x/gKR2CJCW/

3. Trading above 200 EMA & Support established on 20 EMA on a weekly chart as per below:
https://www.tradingview.com/x/NqmuSX68/

4. Ichimoku Cloud analysis: Senkou Span B support established on a daily chart as per below:
https://www.tradingview.com/x/TbYp6jn0/

5. Ichimoku Cloud analysis: Kumo Break out and kumo twist strong buy for upward momentum on daily & Weekly chart.

6. RSI is at 49.47 on a Daily Chart & 55.97 on a weekly chart at the time of publishing.

7. MACD below signal line on weekly chart & way converging towards signal line on daily chart.

8. Hull Moving average on daily & monthly chart is buy & sell on Weekly chart & other moving average is a strong buy on Weekly & monthly chart.

9. ADX (Average directional index) trend strength is at 24.93 on a weekly and 25.83 on a daily chart which indicates a strong trend ( ADX between 25 - 50 is a strong trend) in the current direction.

Projected targets as per bearish butterfly patterns provided in the chart.

Stop Loss: provided in chart as per contracting or symmetrical triangle.

Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.

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