SCI: Upward Correction Expected

SHIPPING CORPORATION OF INDIA (SCI) Weekly NSE Stock Chart Technical Analysis:


SCI has continuously lost value after peaking in October.  This sudden fall has ripped through the portfolios of many investors.  Pl note that this is the weekly chart and each bar (candle) represents one week of activity.

Close & CMP on 31 Dec: Rs 130.7

Market Outlook:

• The price is consolidating after the fall, and is currently not expected to continue falling in the next couple of weeks.
• The price is becoming ready for an upward correction and so we should hopefully see the price moving upwards in January
• If it moves upwards, atleast 10-15% correction in price can be expected.  After that, the price may continue to rise or fall back again.
• So, get ready to get into a long position on SCI, though not immediately.  You should be able to spot a rise soon.

Technical Indicators:

• The stock price is deeply oversold.
• The trading price range has reduced considerably inspite of high trading volumes.
• The fall in price has been vertical and so an upward correction is very high probability.

All previous posts related to SCI


SHIPPING CORPORATION OF INDIA (SCI) Weekly NSE Stock Chart Technical Analysis


(analysed for Kanniappan, Bangalore)