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Technical Observations

* The stock has witnessed a Change of Polarity as it has rebounded forming a higher base at the previous breakout area which also confluence with the rising 50 days EMA (currently at | 119) as can be seen in the adjacent chart

* During current week it has registered a resolute breakout above a falling channel containing last one months corrective decline signalling resumption of up move and is expected to retest its 52 week high | 138 in the coming sessions

* The stock has already taken 20 sessions to retrace just 61.8% of its previous eight sessions up move (| 104-138). A slower retracement signals a robust price structure and a higher base formation

* The daily MACD is seen sustaining in positive territory and is at the cusp of generating a bullish crossover above its nine periods average thus validates positive bias in the stock

Buy Tata Coffee Ltd @ 125.00-129.00 TGT 138.00 SL 119.00

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