PATELENG fell 8-10% today due to QIP which was near 59 and now the price is trading at 58. Seems like it is in a Flag pattern and target should be 300 on a long term basis.
Short term targets should be: 80-100-105-120-135-153
The stock has been forming series of cup and handle pattern or complex cup and handle pattern on weekly time frame and has delivered a strong quarter . The stock has been in consolidation phase since quite long and now is on the brink of breakout , upon breakout the stock can rally till 142 levels
Patel Engineering Ltd is an Indian infrastructure company specializing in the construction of hydroelectric projects, irrigation dams, tunnels, bridges, highways, and residential complexes. Established in 1949 by Prabhudas Patel, the company has grown significantly over the years and has undertaken various prestigious projects in India and abroad.
Patel...
NSE:PATELENG
cmp 76
breakout given at 67 which was a good entry point to take position
expecting 2X gains in the coming months
The objective of this analysis is knowledge sharing and education. There isn't any buy or sell advise in this article. Every stock is held for a short to medium amount of time and is positional.
It is expected of each person to carry...
Patel Engineering Looking Strong for Mid Term
Bullish View..
Strong Breakout..
Good Volume...
Education Purpose Only... Please Consult Your Financial Adviser Before investing..
Please Maintain Strict Stoploss...
Book 70% at Target 1 and Rest Trail and Book at Target 2 ...
Don't Risk More than 1% or 2% of your capital in a single Trade..
Rounding bottom breakout pending for the target of 26% from the breakout zone. Once the resistance is broken, can see the quick upmove towards the target of 87. Keep it in your watchlist. Short term pick.
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Tailwinds in Infra Sector will help in move further, Multi Year Breakout with unprecedented Volumes, SL - 49, View expected to play out in about a year
Very High Volume
Flag & Pole Breakout
Rsi, Ema , Bollinger Band , Pivot every indicator & Oscillator supporting.
And most importantly Institutions Presence.
Business Areas: Patel Engineering is primarily involved in the construction of infrastructure projects. This includes the development of dams, tunnels, irrigation projects, highways, bridges, and other civil engineering works.
Expertise: The company has expertise in executing complex engineering projects and has undertaken assignments in various parts of...
Just now $PATEL ENGINEERING broke a 6 year long Cup and Handle Pattern with hefty volume, other indicators are also bullish, this is the very bottom of this stock which makes it a perfect Cup and Handle. So, as per my analysis this should be a good choice for trading.
Enjoy.
Hmagic Supremacy.
Note - This is just a prediction and not a Financial Advice. Always...
Stock has given massive returns in recent weeks, then some profits booking seen, again taking support near 48-50 zone, ready to give BO, follow chart for proper support and resistance levels.
NSE:PATELENG
✅ #PATELENG trading above Resistance of 58
✅ Next Resistance is at 91
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...
