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!!
Elecon Engineering Company Limited is engaged in the manufacture of material handling equipment, industrial geared motors and reducers, mining equipment and casting processes. The Company's segments include Material Handling Equipment, Transmission Equipment and Others. It is also engaged in designing and manufacturing worm gears; parallel shaft and right angle shaft; helical and spiral level helical gears; fluid geared and flexible couplings, as well as planetary gear boxes. Its products include ET Series, EON Series, ETS Series, EOS Series, ET Series Demo, Cooling Tower Gear Boxes and Dual Tandem Gear Boxes. Its power transmission includes wind mill gear, elevator traction machines, marine gear, loose gear and special gear. Its alternate energy includes wind turbines. Its Foundry Division includes material handling, mining and earth moving, power transmission, crusher and cement. The Company offers its equipment for sectors, such as fertilizer, cement, coal and mining.
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ELECON
