Tata Coffee - VCP base analysis
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1) Strong stage 2 uptrend on weekly tf
2) within base, strong institutional demand with wide range candle on heavy volumes
3) three contractions with volumes decreasing subsequently, price action getting tighter, indicating supply has reduced
4) no wide range bearish candles with volume on downside when stock was correcting, instead candles with long tails. this suggests stock is under institutional accumulation
Long - CMP
SL - 212
Target - 272
1) Strong stage 2 uptrend on weekly tf
2) within base, strong institutional demand with wide range candle on heavy volumes
3) three contractions with volumes decreasing subsequently, price action getting tighter, indicating supply has reduced
4) no wide range bearish candles with volume on downside when stock was correcting, instead candles with long tails. this suggests stock is under institutional accumulation
Long - CMP
SL - 212
Target - 272
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