Great Eastern Shipping (Weekly)This chart is showing a rounding bottom / saucer formation, not a cup & handle, as there is no clear handle formation near the highs. The price has gradually moved from a downtrend into accumulation and is now approaching a key resistance zone around ₹1,550. This structure reflects steady demand building up over time, which is generally a positive sign.
Volume analysis supports this view. During the base formation, volumes remained relatively stable, indicating accumulation rather than panic selling. As the price started rising on the right side, volumes have slightly increased, suggesting growing buyer participation. This gradual volume expansion is important because it confirms that the move is supported by real demand.
RSI is currently around 70+, indicating strong bullish momentum. However, it is also entering the overbought zone, which means the stock may see short-term consolidation or minor pullbacks before continuing higher. RSI staying above 60 is generally a sign of strength in an uptrend.
Trade Setup 🎯
Entry: Above ₹1,560 (confirmed breakout)
Stop Loss: ₹1,328
Target: ₹2,150–₹2,160
A sustained breakout with volume confirmation is key for the next upward move.
Disclaimer: This is for educational purposes only and not an investment advice. Please consult your financial advisor before making any investment decisions.
Long
