Mazagon Dock shares gain 24% in a month, show upward momentum. What’s ahead?
Mazagon Dock Shipbuilders have made a bottom after taking support near the Rs 3,870 level, from where the stock resumed its upward journey, having broken above its previous swing high near the Rs 4,900 zone.
The stock made a fresh high of Rs 5,860 in the month of July, from where it corrected about 51% as it came down to the above-mentioned support zone.
However, the shares of Mazagon Dock have resumed showing signs of strength as they have again moving northward since November.
“Mazdock's stock prices have shown positive momentum over the past two months. Following the decline from the all-time high of Rs 5,780 to the recent low of Rs 3,830, the prices have held above the 61.8% retracement level, signaling a potential resumption of the uptrend,” noted Rajesh Bhosale, Technical Analyst at Angel One.
On the weekly chart, the stock maintains a higher high, higher low pattern, which further suggests a potential for upside.
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