NSE:PHILIPCARB is a proxy play on the chemical sector, with average fundamentals.
But, on the daily time frame stock is getting very strong support at 217.
one can add this stock for a very short term target of 245, and, 1-month target for 269
CHART -> Phillips Carbon DAILY SETUP
1. Stock is giving an inverse head and shoulder breakout, with morning star formed at the end of consolidation.
2. Huge volumes can be seen at the time of breakout.
3. Stock was consolidating around 200 Days MA, before it gave a break out.
4. RSI has gone above 60 shows strength of bulls.
Considering above points, Phillips...
Phillips Carbon Black can be bought above Rs.215 for targets of ~Rs.270. The Stock is an indirect beneficiary of the auto sector as Carbon Black is primarily used in Tyres. The stock is cyclical in nature and therefore, one should always follow technicals.
Stock is in a major uptrend. It's been consolidation in a tight trading range in the past few weeks. Price action in the past few days has been constructive and the rally today is promising. A breakout past the high of the range, backed by higher volume will be interesting.
I bought this stock today. Would add more on a breakout. Watch this one !!