Stock Radar: 20% rally in 3 months! UPL breaks out of a downward sloping channel; should you buy?

After hitting a high of Rs 688 on July 4, 2023, the agrochemical stock lost its steam and before long it dropped steadily towards 400-450 levels in February and then again in March 2024. UPL has, apparently, formed a strong base above 400 levels from where it bounced back smartly. It rose over 20% in the last 3 months, Trendlyne data showed.