SWING IDEA - ELECON ENGINEERING
Updated
Consider a promising swing trade opportunity in Elecon Engineering Company Limited, a leading provider of power transmission solutions, material handling equipment, and engineering services.
Reasons are listed below :
Target - 1420
StopLoss - weekly close below 970
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
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Reasons are listed below :
- Decisive Breakout of Resistance: The price level of 1120, previously a strong resistance, has been decisively broken, indicating potential bullish momentum.
- Bullish Engulfing Candle on Weekly Timeframe: The presence of a bullish engulfing candlestick pattern on the weekly timeframe suggests strong buying momentum and potential upward movement.
- Breakout Above All-Time High: Elecon Engineering has broken above its all-time high, indicating strong bullish sentiment and potential for further gains.
- 0.382 Fibonacci Support: Finding support at the 0.382 Fibonacci level strengthens the bullish case, providing a solid foundation for potential upward movement.
- Trading Above 50 and 200 EMA on Weekly Timeframe: The stock is trading above both the 50 and 200 Exponential Moving Averages (EMA) on the weekly timeframe, confirming its bullish bias and potential for trend continuation.
- Volume Spike: A significant spike in trading volumes reflects increased market interest and potential accumulation by investors, adding confirmation to the bullish thesis for Elecon Engineering.
Target - 1420
StopLoss - weekly close below 970
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Trade active
Made a high of 6.77%Note
MADE A HIGH OF 16%++Note
made a high of 20%++Note
bounced back from support zone, hold!trail SL
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