ELECON ENGINEERING (1W TF) - Swing Trade Analysis given on 21st April, 2024
Pattern: ALL TIME HIGH BREAKOUT
- Weekly Resistance Breakout - Done ✓
- Volume Buildup at Resistance - Done ✓
- Demand Zone Retest & Consolidation - In Progress
* Disclaimer
#ELECON
Welcome 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...
Introduction:
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.
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Chart -> 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...
An industrial manufacturing company with low debt and zero promoter pledge. Moderate and improving fundamentals with good profit growth over continuous years. Now break out with good volume shocker happened . Have chances to move nearer to 480 levels within a month span .
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...
After 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...
Elecon 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
After breakout above 210, the stock is in a consolidation zone, with price retracement along the 21 day EMA. Expect price to move up after crossing the 270 level.
Stock is in an uptrend and above key moving averages, with a strong relative strength and volume activity.
Always keep your stop-loss defined before you initiate a trade.
Note: This is a personal...
Elecon 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...
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...
ELECON ENGG
Stock give good resistance breakout and retracing and holding levels
Good to buy at CMP or add more above 190 levels for short term targets of 205-208-210 levels
In case of Gap-Up and Gap-down avoid setup
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Note:
Above levels are for education purposes only
Do your own analysis before taking any trade
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ELECON ENGINERRING as per daily chart analysis has formed a Ascending Triangle Pattern and once the stock breaks above 210 level then target 215 is achievable.
