A potential swing trade opportunity in PCBL (Phillips Carbon Black Limited), the largest carbon black manufacturer in India.

Reasons are listed below:
  • Strong Support at 230-240 Zone: PCBL is rebounding from a robust support level, reflecting market confidence in the company's leading position and expertise in the carbon black industry.
  • 'W' Pattern: A 'W' pattern observed in the daily timeframe indicates a potential reversal and bullish continuation pattern, showcasing PCBL's ability to navigate market fluctuations effectively.
  • Bullish Marubozu Candle: The appearance of a bullish Marubozu candle on the daily timeframe signals strong buying pressure and potential upward momentum, underscoring positive market sentiment towards PCBL's prospects.
  • 200 EMA Support: The 200-period Exponential Moving Average (EMA) on the daily chart acts as reliable support, highlighting PCBL's consistent performance and stability in the industry.
  • 0.5 Fibonacci Support: Finding support at the 0.5 Fibonacci level reinforces PCBL's solid fundamentals and growth potential, providing a strong foundation for potential upward movement.

Target - 300 // 333
Stoploss - Daily close below 229


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Price made a high of 8.4% ++
Daily close above 285 will trigger up move, hold!
slowly moving up

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