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The short-term outlook for Swan Energy is bullish. The stock had risen breaking above a key resistance level of ₹630 last week. After this breakout, the upmove paused. The stock had then made a consolidation above ₹630 for the rest of the week. The region between ₹640 and ₹630 will now be a very good support zone which can limit the downside. Moving average cross overs on the daily chart also strengthens the bullish case.
Swan Energy share price can rise to ₹700-705 in a week or two. Traders can go long now at ₹655. Accumulate on dips at ₹645. Stop-loss can be kept at ₹625 initially. Trail the stop-loss up to ₹660 as soon as the stock moves upto ₹673. Move the stop-loss further up to ₹678 when the price touches ₹685. Exit the long positions at ₹700.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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