Despite the volatility, here’s a stock which managed to outperform the markets with stellar returns. It’s one of the odd stocks which are negatively co-related with the broad market.
Garden Reach Shipbuilders and Engineers Ltd, known by the ticker symbol GRSE, have rallied all the way from 220 to 450 in a matter of less than 4 months.
Take a look at the Price Action analysis on the higher time frame chart…
Garden Reach – Price Action Trading Analysis on 1W Timeframe
Overall, stock prices were in a Structural Upward Range. Market behaviour indicates Parallel Accumulation phase.
The major support zone was at 225 and the resistance zone was at 350. We can also note that these are Parallel support and resistance zones.
At the end of September 2022, there was a strong Upside Breakout with strong momentum. Look at the size of those bullish candles around the breakout.
To learn more about trading the breakouts and capturing moves like these, take a look at the video given below.
It’s almost a 100% rally since the month of July 2022. I am expecting a pullback or retracement before any further upside. What’s your opinion on the stock? Let me know in the comments.
