Comments
The short-term outlook is bullish for the stock of Great Eastern Shipping Company. The stock surged over 4 per cent on Wednesday. The price action since February this year is in the form of a bull channel. The channel support is at ₹150. The stock has potential to rise towards ₹730 – the upper end of the channel now.
- Technicals: Day Trading Guide for May 11, 2023
Intermediate resistance is at ₹695. A break above it will take the Great Eastern Shipping Company’s share price up to ₹730 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹670 and ₹660. Keep the stop-loss at ₹645. Trail the stop-loss up to ₹685 as soon as the stock touches ₹695. Move the stop-loss further up to ₹705 when the price reaches ₹715. Exit the long positions at ₹725.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.