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Technical Observations

* The stock has registered a resolute breakout above bullish inverse head & shoulder pattern supported by strong volume signaling resumption of up move and offers fresh entry opportunity

* The base of the last two months consolidation is placed at the 200 days EMA (currently placed at | 222) signaling a overall positive price structure

* Going ahead we expect the stock to extent its up move and head higher towards | 264 levels being the 80% retracement of the entire breather (| 277-200)

* The breakout above bullish head & shoulder pattern is supported by strong volume of more than five times the 50 days average volume of 13 lakhs share per day highlighting larger participation in the direction of trend

* Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias

Buy Phillips Carbon Black Ltd @ 242.00-246.00 TGT 264.00 SL 234.00

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