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Technical Observations

* The stock has been consolidating above the three years falling trend line breakout area of | 180, indicating conclusion of major corrective phase that in turn signifies resumption of primary up trend. Thereby, offering fresh entry opportunity with favourable risk reward

* We believe, stock has formed a higher base around | 188 as it is confluence of :

* A) Rising trend line drawn adjoining March-May lows of | 54- 68, placed at | 185 • B) 10 weeks EMA which as been held since June 2020 is placed at | 180

* C) 80% retracement of current up move (| 183-209), is placed at | 188

* The Weekly 14 periods RSI has been sustaining above its nine periods average, indicating inherent strength

* We expect stock to resolve higher and eventually head towards our earmarked target of | 220, as it is 150% external retracement of last decline (| 209-183), at | 222

Buy Phillips Carbon Black Ltd @ 196.00-201.00 TGT 220.00 SL 187.00

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