Elecon engineering - Positional long trade
Stock is in solid uptrend, outperforming Nifty since Jan 2021. High volumes were seen in recent weeks when all stocks were going down, I think Mr. Vijay Kedia increased holdings in this share that will appear next month on public platforms. But this is just an assumption, it's not a reason to buy this stock.
Technically stocks is looking good. Stock gave a breakout above 205 and broke a 8 months old neckline. Breakout candle is important for this trade. We will go long close to breakout candle close that is 230. Stop loss in this trade will be the low of breakout candle, which is 194. Stock has potential to touch 320 and make new highs in coming months.
I will continuously monitor this chart after taking position and see if any positive or negative pattern develops & take necessary actions.
Technically stocks is looking good. Stock gave a breakout above 205 and broke a 8 months old neckline. Breakout candle is important for this trade. We will go long close to breakout candle close that is 230. Stop loss in this trade will be the low of breakout candle, which is 194. Stock has potential to touch 320 and make new highs in coming months.
I will continuously monitor this chart after taking position and see if any positive or negative pattern develops & take necessary actions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.