#LONG on Great Eastern Shipping: Breakout from consolidation After reaching a high of 625.80 Great Eastern Shipping Co. entered a consolidation phase which lasted for 15 years.
After a failed breakout attempt in Nov'22, GESHIP broke out of consolidation in Mar'23 rising from levels of 532.25 to a closing price of 847.20 in Oct'23 generating 59% returns in last 8 months.
Geshipping
GESHIP | Swing TradeDisclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
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Long on Great Eastern shipping Co. for Short TermThe 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.
GESHIP - Ichimoku Bullish Breakout Stock Name - The Great Eastern Shipping Company Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 555.
#This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
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GESHIP - Good Risk reward setup for swing trade🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have its bullish pressure after the breakout)
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
GESHIPPING Bouncing off at SupportGESHIPPING has formed flag structure at the support/resistance zone of 375 and has broken out of the flag. Also, this zone was previous resistance and has acted as decent support this time. 375 zone is also the 61.8 Fibonacci zone of the bigger range. The stock has found support at confluence of multiple technical indicators and has exhibited bullish candle with volume on Friday, 17 Sep. We are bullish on the stock and can expect it to touch previous highs of 440 and ATH of 480.