amankavi
Long

Tata Chemicals - Breakout from consolidation channel

NSE:TATACHEM   TATA CHEMICALS
Scrip had been trading in a channel or consolidation phase since 169 days (6 months approx.) with several reaction lows and highs and managed to breakout from neckline and now aiming towards TP or Newer Highs as mentioned..
Can be seen to breakout after swing reversal after not touching the reaction low of channel which should be positive sign for the scrip

Bullish momentum sign
1) SMA - Price action is above SMA-15 and SMA-200 and SMA-15 is above SMA-200 which gives strength to ongoing momentum
2) %william - In rising mode however, consolidation/accumulation needed for further rise
3) Volume surge around 52-week high and past few sessions
4) Didnt get much impacted with NIFTY corrections during past few sessions..

SL as per risk appetite
Comment: Scrip already crossed 1st target at CMP 726 and still going strong..
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