Stock Picks - Buy GE Shipping Company Ltd For Target Rs. 390 - ICICI Direct
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Technical Observations
* The stock has registered a breakout above the falling channel containing the entire decline of the last two months signaling resumption of up move and offers fresh entry opportunity
* We expect stock to resolve higher and head towards | 390 levels in the coming weeks as it is the 80% retracement of its recent decline (|424—287)
* The stock has recently rebounded forming a higher base at the 52 weeks EMA (currently at |317) and the 61.8% retracement of the recent up move (| 211-424) highlighting a positive structure
* The stock has immediate support at | 338 levels as it is the 38.2% retracement of the current up move (| 287-370)
* The weekly stochastic has recently rebounded from the oversold territory and has generated a buy signal moving above its three periods average thus validates positive bias.
Buy GE Shipping Company Ltd @ 357.00-365.00 TGT 390 SL 335
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