India, Jan. 22 -- The Chemical Stock, after a phase of controlled decline in recent sessions, has formed a descending channel pattern on its 1-hour chart, with an upside breakout indicating a potential bullish reversal and continuation of upward momentum.

The descending channel pattern represents a short-term downtrend where price moves between parallel downward-sloping support and resistance levels. A decisive breakout above the upper boundary signals a bullish reversal, indicating that buyers are gaining control, and upside momentum may accelerate.

On Tuesday, Deepak Nitrite formed a higher low within the descending channel pattern before decisively breaking above the key resistance level of Rs 1,529, which was sustained on Wednesday....