Trendlines and levels are marked. Candle is extremely bullish and the volumes are sky high. The resistance is very strong (since 2009). Once crossed. It's real party!
Disclaimer:
The data and information provided in this published idea is not an advice and should not be relied upon as such. Neither the information, nor my opinion contained in this idea constitute a solicitation or offer by me to buy or sell any securities, futures , options or other financial instruments.
The content of the idea and the interpretation of data...
Bullish Bat pattern on Daily Chart of Elecon Engineering. BUY 54-55.
Just started learning Harmonics, so don't know how to calculate Target(s) & SL, yet.
Weekly Supertrend in the Green = Bullish
Daily William%R bouncing from oversold levels = Pullback done
Bouncing back from near 50% fibonacci levels = Bullish
Support taken at an old support and resistance area = Demand zone
More than 7 times the average volume = Bullish
Buy with a stop loss at Rs.59.50 for a target of Rs.70 and above
Elecon moving with good volumes and price action!! a break above the trend line and a closing above 86 will take the stock to 95-100 levels easily, keeping a stop of 78!!
