Technical Analysis – Sesa Goa – 06-Mar-2010
Sesa Goa (Rs 446.2) sizzled in the first three sessions of the week and ended with 11 per cent gain. Expectation of strong demand for iron ore pushing prices higher helped the stock scale its former life-time high of Rs 424.4 and close strongly above it. The stock is clearly on fire and short-term investors can hold it as long as it trades above Rs 420. Medium term investors can hold with a deeper stop at Rs 290. The 200-day moving average at Rs 290 should support the stock in the event of a steep decline.
The scorching pace of growth of this stock is expected to continue over the long-term and extrapolating the target on the logarithmic chart points towards the possibility of the stock price more than doubling from current levels.
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