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Investors with a short-term perspective can consider buying the stock of Dolphin Offshore Enterprises (India) at current levels. It is evident from the charts of the stock that its intermediate-term uptrend that started from the August 2013 low of ₹56 is intact. This uptrend line and a support level at ₹95, arrested the stock’s corrective decline a week ago. In the past two trading sessions, the stock has gained 6.3 per cent accompanied by extraordinary volumes. The daily price rate of change indicator is displaying a positive divergence backing the stock’s recent reversal.
The relative strength index on the daily chart has entered the neutral region from the bearish zone. . As the stock’s next potential key resistance is at ₹107, we believe that its current rally can maintain momentum in the coming trading sessions. Short-term targets are at ₹105 and ₹107 levels. Traders can consider buying the stock with a stop-loss at ₹98.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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