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.
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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