Technical analysis of GE Shipping as per the brokerage:
The stock has corrected from a high of 445 touched in June 2021.
The stock recently found support at the 265 levels in December 2021 and has strongly bounced back
from these levels in the last few months.
Last week, the stock broke out of the 301-332 range on the back of healthy volumes, reversing the
recent downtrend in the process.Weekly momentum readings like the 14-week RSI are picking up, which is encouraging.”With the intermediate technical setup looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy”, notes the brokerage. The brokerage has suggested to buy the scrip In the price range of Rs. 350-363 for a target price of Rs. 450 for a time horizon of 1-3 months.
About GE Shipping:
Great Eastern Shipping Co. Ltd. is engaged in shipping and offshore business. Its shipping business offers transportation services for crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities.
The stock is taken from the brokerage report of HDFC Securities and investors should do their own analysis before making any risky investment.