Stock Idea - Shipping Corporation of India Ltd By Choice Broking
The stock is trading in bullish territory after the breakout of the Bullish Flag pattern onthe weekly chart, which indicates upward direction in the stock for the longterm.
In the recent week, the price has moved above the prior swing highs of 145.50 levels, which suggest bullish strength in the stock. Moreover, the price has been hovering above Ichimoku Cloud and Upper Bollinger Band formation, supporting a bullish trend for the longterm
In addition, the stock price has shifted above the 50% Price Extension, which confirms bullish presence in the stock.
On a daily chart, the price has given a Trendline breakout and is moving above it. A volume activity has been rising gradually in the stock, which suggests a buying interest among the tradet
A momentum indicator RSI & Stochastic also witnessed positive crossover on the daily as wellas weekly timeframe
Hence, based on the above technical structure, one can initiate a long position in SCI at CMP 149 or a fall in the price till 145 levels can be used as a buying opportunity for the upside target of 180/200 while the supportis placed at around 130 & 125 levels, so level 125 should be considered asa stop loss ona closing basis
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://choicebroking.in/disclaimer
Above views are of the author and not of the website kindly read disclaimer
