Aban Offshore: Low Risk Opportunity

The stock has been in a steady downtrend for several months now. From the recent price action, it is apparent that the momentum behind the fall however has been slowing.

Aban Offshore Daily Chart

The stock presents a low-risk buying opportunity with a stop-loss at Rs.486. The profit in long positions may be taken at Rs.580.

While there is a case for a brief bounce, the short-term trend remains bearish. The stock has to move above immediate resistance at Rs.602 to indicate scope for further upside.

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