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Technical Observations

The stock has recently rebounded after forming a higher base at the 80% retracement of the previous up move (| 76-126) and has generated a breakout above the falling channel containing last three months decline signalling resumption of the up move

We expect the stock to continue with its current up move and head towards | 112 levels in the coming weeks as it is the 61.8% retracement of the previous decline (|126-86) placed at | 112 levels

The stock has already taken 19 weeks to retrace just 80% of its previous 10 weeks up move (| 76- 126). A slower retracement signals a robust price structure and a higher base formation

Among the oscillators the weekly 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias

Buy DCB Bank Ltd @ 99.00-102.00 TGT  112.00 SL 95.00

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