Top trending stock: GE Shipping

Top trending stock: GE Shipping

by 5paisa Research Team Last Updated: 2022-03-10T14:40:11+05:30

The stock of GESHIPPING is soared over 5% on Wednesday’s trading session and has displayed strong bullishness lately.

The Great Eastern Shipping Company (GESHIPPING) is engaged in the business of providing shipping services like transportation of crude oil, petroleum products, gas, and dry bulk commodities. It is a smallcap company with a market capitalization of about Rs 4950 crore.

The stock of GESHIPPING is soared over 5% on Wednesday’s trading session and has displayed strong bullishness lately. Since its recent swing low of Rs 304, it has jumped over 13% in just two trading sessions. With today; strong price action, it has broken out from its short term resistance zone of Rs 327-330. Along with this, the stock has crossed above its 200-DMA and all other key moving averages. On the technical chart, the stock has formed a strong bullish candle with a lower shadow. With this, the stock has recorded above-average volume, which happens to be greater than 10-day and 30-day average volume.

Having a strong price structure, several technical parameters point towards the bullishness of the stock. 14-period daily RSI has hit a higher high and is above 68. The daily MACD has given a bullish crossover some time ago while the On Balance Volume indicates strong strength from a volume's point of view. Moreover, the Elder Impulse system has indicated a fresh buy. The other momentum oscillators and indicators also highlight the stock’s strong momentum.

Since the beginning of January, the stock has achieved bout 14.12% returns and has outperformed the broader market and most of its peers during this period. Considering the ongoing momentum, the stock is expected to test the levels of Rs 350, followed by Rs 360 in the short to medium term. Also, it is an ideal candidate for swing trading and positional trading, short term traders can consider this stock for their trades and can expect decent gains in the short to medium term.

 

Also read: Top midcap stocks witnessing death crossover


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