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.)