🚢 Shipping Corporation of India Ltd. – Strong Breakout with Volume & Momentum Confirmation

Shipping Corporation has delivered a decisive breakout from a long consolidation structure on the weekly chart, supported by surging volume and strong momentum confirmation. The price has convincingly cleared its resistance zone, marking a potential trend resumption after months of sideways action. 🔹 Technical Overview Pattern: Range breakout from a long base. Support Zone: ₹230–₹240 (previous resistance turned support). Resistance Zone: ₹290–₹300 (immediate supply area). RSI: Surged to 71+, confirming bullish momentum and strength. MACD: Fresh bullish crossover with widening histogram — early sign of acceleration. Relative Strength: Clearly rising after prolonged consolidation, outperforming peers. Volume: Breakout backed by strong volume surge, reinforcing move validity. 🔹 Interpretation ✅ Powerful breakout from a multi-month consolidation. ✅ RSI and MACD confirm strong trend momentum. ✅ Sustaining above ₹240 can lead to further upside toward ₹295–₹310 levels. ⚠️ Short-term pullbacks toward ₹245–₹255 would offer healthy retest opportunities. The chart signals renewed strength after a prolonged accumulation phase. The alignment of volume expansion, RSI strength, and MACD confirmation point toward trend continuation, with higher highs likely if the breakout sustains above its base. 📢 Disclaimer: For educational purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)