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Technical Observations

* The stock is seen forming a healthy base at the major support area | 190-195 being the confluence of the 50 days EMA and the lower band of the rising channel in place since July 2020 as can be seen in the adjacent chart signalling resilience and offers fresh entry opportunity

* We believe the current breather is approaching maturity and the stock is expected to resume its primary up trend and head towards | 219 levels as it is the 123.6% external retracement of the previous breather (| 212-175) placed around | 220 levels

* The stock has already taken 35 sessions to retrace just 50% of its previous 34 sessions up move (| 144-212). A slower retracement signals a robust price structure and a higher base formation

* The daily 14 periods RSI has formed a base around the neutral reading of 40 and has generated a bullish crossover above its nine periods average thus supports the positive bias in the stock

Buy Philips Carbon Ltd @ 197.00-201.00 TGT 219.00 SL 187.00

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