On daily basis, 'Elecon' has given a breakout from an inverted head and shoulder
pattern which was under construction since November with buzzing volumes.
On weekly basis, a breakout of cup and handle pattern is visible with rising RSI
also RSI has breached above 60 which is a positive sign.
On monthly basis, a breakout of 'N' pattern is visible which signifies the strength i.e. after
retracement it is still giving a breakout.
Here, RSI took support at 60 and witnessed the breakout.
NOTE:- the only sign of caution is that spinning top is visible and RSI has reached resistance level on daily charts,
also dividend is pending, so there is a chance of retracement on daily basis hence, try to accumulate near
breakout level.
pattern which was under construction since November with buzzing volumes.
On weekly basis, a breakout of cup and handle pattern is visible with rising RSI
also RSI has breached above 60 which is a positive sign.
On monthly basis, a breakout of 'N' pattern is visible which signifies the strength i.e. after
retracement it is still giving a breakout.
Here, RSI took support at 60 and witnessed the breakout.
NOTE:- the only sign of caution is that spinning top is visible and RSI has reached resistance level on daily charts,
also dividend is pending, so there is a chance of retracement on daily basis hence, try to accumulate near
breakout level.
Trade closed: target reached:
Elecon has reached 269 i.e. more than 13% move in a day, it is advised to book profits here.
And if anyone interested to hold positionally, just to partial profit booking here and place stop at cost so that you will be in profit.
Enjoy profits🤑🤑
And if anyone interested to hold positionally, just to partial profit booking here and place stop at cost so that you will be in profit.
Enjoy profits🤑🤑