Long on Great Eastern shipping Co. for Short Term
Updated
The stock hit a 52-week high of 749 on 21st Dec 2022, but failed to hold on to the momentum, falling about 29% to 532.25.
It took support and broke out from wedge pattern to reach a high of 634.20 today, rising about 19%.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI is above 55 and MACD gave bullish crossover above its signal line on 2nd March 2023.
Based on bullish moving averages and technical indicators, it is expected that the stock's price will continue to rise towards the assigned targets, with a recommended stop-loss of Rs 589 on a daily close basis.
It took support and broke out from wedge pattern to reach a high of 634.20 today, rising about 19%.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI is above 55 and MACD gave bullish crossover above its signal line on 2nd March 2023.
Based on bullish moving averages and technical indicators, it is expected that the stock's price will continue to rise towards the assigned targets, with a recommended stop-loss of Rs 589 on a daily close basis.
Note
Target 1 achieved on 11-05-2023 !!!!!Note
Target 2 achieved on 16-05-2023!!!!!!!!!
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