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Technical Observations

* The stock has generated a short term trend line breakout joining recent highs signaling resumption of primary up trend that offers fresh entry opportunity

* Key point to highlight since May 2020 is that the 50 days EMA acted as a strong support and subsequently staged a pullback, indicating elevated buying demand. In current scenario as well, higher base formed above 50 days EMA, highlighting inherent strength

* We expect stock to resolve higher and gradually head towards 255 as it is 138.2% external retracement of recent decline (| 246-217)

* The stock has immediate support at | 221 levels being 50 day EMA which has acted as strong support in recent times

* Among the oscillators the daily RSI logged a bullish crossover above its nine periods average thus validates positive bias

Buy Phillips Carbon Black Ltd @ 228.00-235.00 TGT 255.00 SL 221.00

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