ELECONELECON has given a breakout with increase market participation. Seems like it may start new journey from hereon..
ELECON
Elecon Engineering Company - Breakout Setup, Move is ON...#ELECON trading above Resistance of 1189
Next Resistance is at 1655
Support is at 987
Here are previous charts:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Elecon Engineering Company - Long Setup, Move is ON...#ELECON trading above Resistance of 987
Next Resistance is at 1189
Support is at 767
Here are previous charts:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Unlocking Potential: A Deep Dive into Elecon Engineering's ChartWelcome to today's analysis of NSE:ELECON , where we explore a compelling trading scenario fuelled by recent stock activities.
📊 The Breakout Story
Elecon Engineering hit a record high in its previous Friday trading session, breaking past its former resistance with impressive volume. The surge was marked by a robust breakout candle, signalling strong buyer interest.
Following this significant high, the stock opened the today with a sizeable gap up. Interestingly, the subsequent movement saw the stock retrace downwards on notably lower volumes. This behavior is typically indicative of a 'retest' of the breakout level.
The retest scenario presents a potential buying opportunity at a specific demand zone identified on the 15-minute timeframe. This strategy focuses on the Rally-Base-Rally pattern, suggesting a tactical entry around 1130.
📈 Strategic Trade Setup
Entry Point: The proposed entry is at the Rally-Base-Rally demand zone, calculated around the 1130 level.
Stop Loss: A stop loss is advised at a 3% decrease from the entry point to limit potential downside.
Profit Target: The initial target for taking profits is set at a 10% gain from the entry level, offering a risk-reward ratio of over 1:3.
Management Strategy: To maximize gains, a trailing stop loss is recommended, which allows profits to run while safeguarding against sudden downturns.
📉 Recent Financial Highlights
Elecon Engineering has recently announced its consolidated financial results for the quarter ending March 2024:
Net Sales: Rs. 564.62 crore, a surge of 32.99% compared to Rs. 424.54 crore in March 2023.
Net Profit: Rs. 103.65 crore, up 52.55% from Rs. 67.95 crore in the same quarter last year.
EBITDA: Rs. 148.40 crore, reflecting a growth of 47.43% from Rs. 100.66 crore in March 2023.
These financial metrics not only reflect a robust growth trajectory but also bolster the stock’s attractiveness in the eyes of potential investors and traders.
Lastly, Thank you for your support, your likes & comments. Feel free to ask if you have questions.
🌟 “Every day is a new opportunity to reach that goal.” 🌟
This analysis is purely for educational purposes and does not constitute a trading or investment recommendation. Please note that I am not a SEBI registered analyst.
Elecon Engineering Company - Long Setup, Move is ON...#ELECON trading above Resistance of 861
Next Resistance is at 987
Support is at 672
Here are previous charts:
Chart is self explanatory. Entry, Resistances and Support are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Daily Bullish Flag Pattern BO in ELECON ENGGIntroduction:
Elecon Engineering Company Ltd. was established in the year 1951 as The Pioneers in the manufacturing of Industrial Geared motors and Reducers, Material Handling Equipment, Mining equipment, casting processes etc. Elecon is one of the largest manufacturers of Industrial Gears in Asia and Material Handling Equipments.
The expertise in the successful production of custom gearboxes for steel mills, high-speed turbines, naval aircraft carriers, and many growth sector industries is increased by Elecon's acquisition of Benzlers- Radicon Group from David Brown Gear Systems in 2010.
A unit of Elecon Engineering Company Ltd. which is also the 3rd largest Material Handling solutions company in the country along with in-house design, manufacturing, fabrication, component manufacturing, and support system in a Vertically Integrated Model.
First in India to manufacture sophisticated equipment for bulk Material Handling and a product range that caters to almost every Industrial sector in India.
Analysis
A Bullish Flag and Pole pattern is visible on the Daily chart of $NSE:ELECON.The Flag and Pole pattern is a bullish continuation pattern and it is visible in charts after a meaningful appreciation in the price.
MACD gave Positive crossover on Daily, Weekly and Monthly chart. So, expecting the momentum to continue.
One can create a fresh position in the scrip near Rs. 936-956 levels with the stoploss of Rs. 885.15 on Daily closing basis for the following targets 970.15, 989.65,1012.35 1035.45 1060.10 1081.95 1101.85 and 1123.95
Risk Disclaimer:
The trading ideas and analyses presented here are for educational purposes only and do not constitute financial advice. Trading and investing in financial markets involve risk. You should carefully consider your own financial situation, risk tolerance, and investment objectives before making any investment decisions.
The information provided in this analysis is based on my personal interpretation of market conditions and the available data at the time of writing. It is subject to change without notice, and I cannot guarantee the accuracy, completeness, or timeliness of the information provided.
Trading and investing carry the risk of substantial losses, and past performance is not indicative of future results. Always be aware that markets can be unpredictable, and prices may move against your trade or investment.
It is advisable to seek advice from a qualified financial professional and to conduct your own research before making any investment decisions. You should only invest funds that you can afford to lose.
I am not responsible for any trades or investments made based on the information presented in this analysis. By reading and using this information, you acknowledge and accept that you are solely responsible for any losses you may incur.
Elecon Engineering Company - Long Setup, Move is ON...#ELECON trading above Resistance of 767
Next Resistance is at 861
Support is at 608
Here are previous charts:
Chart is self explanatory. Entry, Resistances and Support are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Elecon Engineering Company - Long Setup, Move is ON...##ELECON trading above Resistance of 672
Next Resistance is at 767
Support is at 547
Here are previous charts:
Chart is self explanatory. Entry, Resistances and Support are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Elecon Engineering Company - Long Setup, Move is ON...#ELECON trading above Resistance of 547
Next Resistance is at 672
Support is at 394
Chart is self explanatory. Entry, Resistances and Support are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
ELECON - Long Setup, Move is ON..NSE:ELECON
✅ #ELECON trading above Resistance of 530
✅ Next Resistance is at 635
Related charts:
Charts are self-explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Short term pick -> EleconChart -> Elecon Engineering Daily
A good triangle breakout with a volume popup can be seen.
CMP: 432
Good range: 412 to 432
Targets: 475
SL: 405 daily close
Above 475, a new breakout will happen.
Disclaimer: This is for educational purposes only, not any recommendations to buy or sell. As I am not SEBI registered, please consult your financial advisor before taking any action.
ELECON trading near breakout zone.ELECON is trading near breakout zone. DII and promoter has increased their stake. Good fundamental stock for long term holding.
ELECON - Ichimoku Bullish Breakout Stock Name - Elecon Engineering Company Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 440
#This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
# Cloud Trading
# Ichimoku Cloud
# Ichimoku Followers
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Elecon showing good strenght after moving above previous ATH#Elecon crossed previous ATH near 350 strongly and now CMP is 417 . EPS growth and Sales growth is on the card.
Seems big money moving in. Can be added for 30/50% upside in midterm.
Elecon Engineering... forms bearish flag patternAfter making a high of 415, the stock has shown weakness.
Currently, I can see formation of bearish flag pattern, which is a continuation pattern. Can expect further correction in the stock price.
Another important thing to note is that the stock price is below the 50 day moving average. For any positive up-move, will wait for the price to move above the 50 day moving average.
Further downside can take the price to around 300 levels, which is an important support zone.
Not a buy/sell recommendation. Please consult your financial advisor.
Elecon Engineering Company - Long Setup, Move is ON...#ELECON gave an entry at 230.30 on breakout.
Has moved from 230.30 to 415.60 levels.
It is now trading above Resistance 2 of 368.
Next Resistance 3 is at 428.
Here are previous charts:
Chart is self explanatory. Entry, Resistances and Support are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
ELECON: ATHCMP: 372
- Trading inside a box near All-Time High
- Box breakout can be expected here with the support around 330
YR 2022 Idea #108: Long on ELECON This is a public swing trade idea and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. I might trail my stoploss after I get an entry but even if my original Stoploss hits, i exit the trade with pre-planned loss (risk). At target, I book usually 75% positions and trail stoploss for rest. Our objective to help anyone who wants to learn technical analysis using charts by demonstrating my real trade entries. You can post your queries in comment section here and we will try to answer them asap.
ELECON ENGINERINGElecon Engineering breakout with high volume in weekly chart. This stock is also forms head and shoulder pattern and it also shows strong in bear market also .
Ps:I am not sebi registered this post is only education purpose only
Elecon Engineering - Bullish TrendElecon Engineering - Bullish Trend
Based on Monday's open and close there will be 2 chances.
1st Chance:
If opens above 245 buy and the target will be 290
2nd Chance:
If Monday opens & closes below 245 then the stock will be on retracement
After retracement with a strong bullish candle Buy at 218, the target will be 250
Educational Purpose...
YR 2022 Idea #61: Long on ELECONThis is a public swing trade idea and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. I might trail my stoploss after I get an entry but even if my original Stoploss hits, i exit the trade with pre-planned loss (risk). At target, I book usually 75% positions and trail stoploss for rest. Our objective to help anyone who wants to learn technical analysis using charts by demonstrating my real trade entries. You can post your queries in comment section here and we will try to answer them asap.
