Stock of United phosphorus was trading in sideways band (shown as consolidation zone with two parallel blue lines) since April 2012 which it broke today as shown in the chart. This breakout (with slightly higher volume than average daily volume) may take this stock to higher levels in coming sessions. Stock is also well above its key DMAs and it has formed DOUBLE BOTTOM on monthly chart. All these indicate bullish mood of the stock.
It can be bought at CMP (136.8) or in decline above 133 for the target of 150 in the short term and 162 in the medium term.
Stop loss at 130 recommended.
