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mastermukund4
May 16, 2021 2:32 PM

Multi Year Breakout - Cup and Handle Pattern Long

BSE:GESHIP1M
GREAT EASTERN SHIPPING CO.LTD.BSE

Description

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Great Eastern is involved in the business activities of Sea and coastal freight water transport.

The stock has broken out of a multi year resistance with good volume and Cup & Handle formation on charts.

The stock is fundamentally good. Mutual funds have also raised stake in the company and is holding around 22.91% stake.

Further, the chart is self explanatory.

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Trend AnalysisChart PatternsFundamental Analysisfundamental-analysiscupandhandlepattern
Comments
Minhaj_AK
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On a daily TF, i find the price to be in a range between 410-370/340. Do you feel that a correction should come till 340(also 20MA) before it moves up?
mastermukund4
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@Minhaj_AK, If u look at daily chart u will find that there was an attempt of correction. However the same was bought by Buyers and it moved up. Therefore, in this case u can add 50% now and wait for correction for another 50%
Minhaj_AK
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@mastermukund4, Yes got your point. Do you take the CMP and av price into consideration for entry point or its purely S & R?
mastermukund4
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@Minhaj_AK Support & Resistance
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