The short-term outlook is bullish for Swan Energy. The stock surged 4.9 per cent on Wednesday has closed on a strong note, indicating that the upmove could be gaining momentum. Also, this rise has happened from just above the 8-day moving average support, which is currently at ₹717. In addition to this, the positive moving average crossover on the daily chart strengthens the bullish case.
Today’s Stock Recommendation: August 1, 2024
Swan Energy’s share price can rise to ₹820 in a couple of weeks. Traders can go long now at around ₹759. Accumulate on dips at ₹745. Keep the stop-loss at ₹712 initially. Trail the stop-loss up to ₹770 as soon as the stock moves up to ₹785. Move the stop-loss further up to ₹795 when the price touches ₹810. Exit the long positions at ₹820.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)