TATACOFFEE - Weekly Chart Analysis

The stock has been in to consolidation for the past 2 years. With price getting tighter and tighter and volumes getting contracted with the tightness.
1st base was of 45Weeks with 28% range, 2nd base consisted of 40weeks with range of ~21% and current base formed is 15weeks in 12% range.
See the volume contraction from left to the right.

Highest monthly close of 250 was made in July 2023 after which the stock closed last month at 257 levels and it seems sustaining for the past 2 weeks now above it.
230-250 levels shall now act as strong support and our view gets invalid if it manages to close and sustain below these levels.
The stock is sustaining above all its key moving averages too. A low risk pilot entry can be made with proper risk management and further pyramiding can be done once it successfully closes above 258-60 levels.
As per the trend based fib 380 - 435 - 500 levels can be tested in future if everything goes as per the view.

Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.


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