* The stock price was in a downtrend over the last few weeks and witnessed sharp upside bounce in this week (as per weekly timeframe chart).
* We observe formation of double bottom type pattern around Rs 190 (pink line) and also a ‘W’ type formation. These bullish patterns indicate an important bottom reversal in the stock price (at the swing low of Rs 162- mid of March).
* This week’s sharp upside bounce also indicate a formation of bullish engulfing type candlestick formation, which is a part of bottom reversal in the underlying.
* Weekly 14 period RSI has turned up from near crucial 40 levels. As per its bearish high low range theory (30-60 levels), it could move up to 60 levels (from a current levels of 43).
* This anticipated pattern of weekly RSI could mean higher possibility of further upside in the stock price in the near term.
* One may look to create long trading positions in GESHIP as per the levels mentioned above
Buy GESHIP Ltd @215-200 Up to 3 months CMP 213 Target 235 SL 194.50
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