Deepak Fertilisers finds support at a key retracement zone!

Deepak Fertilisers finds support at a key retracement zone Deepak Fertilisers & Petrochemicals Corporation Limited (NSE: DEEPAKFERT) was trading around ₹1,365.90 on September 22. The stock has corrected about 24.5% from its recent top and is now finding support near the 38.2% Fibonacci retracement of the previous upmove. The Fibonacci support is also aligning with the weekly flat cloud, creating a technical support confluence. Daily RSI has formed a hidden bullish divergence, suggesting that momentum may be improving despite the recent price correction. Why it matters The ₹1,340-₹1,370 region combines Fibonacci support with weekly-chart support. This gives the setup a clearly defined area to monitor rather than relying only on the recent price decline. My view My view is that the reaction from ₹1,340-₹1,370 is important. A sustained rebound from this zone would strengthen the reversal setup, while a decisive break below support would weaken it.