ELECON trade ideas
Elecon engineering - Positional long tradeStock 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.
watch for resistance breakout in ELECON ENGINEERINGvolume breakout
RSI convergence
lower supportive trendline
horizontal reistance breakout
higher lows formation
risky traders= buy at CMP
safe traders= buy above 150
target= 8-9 percent on swing basis
stoploss= 132 or break of lower supportive trendline
this is only for education purpose. take trades at your own risk
✅↗️ BIG BREAKOUT SOON🔜✅✅↗️ BIG BREAKOUT SOON🔜✅
- STOCK NAME : ELECON ENGINEERING
- SCRIP : NSE: ELECON
- INDUSTRY : EQUIPMENTS
- LTP : 111.70
- ✅TECHNICAL ANALYSIS DETAILS✅
1. PRICE COMING OUT OF 13 YEAR LONG CONSOLIDATION PERIOD .✅
2. RECENT VOLUME BUILD UP.✅
3. MACD BULLISH CROSSOVER.✅
4. MONTHLY CLOSE ABOVE 114 CAN BE BULLISH SIGNAL. ✅
5.RSI LEVEL IS ALSO STRONG.✅
6. BREAKOUT LEVEL - 114.✅
NOTE❗ : AFTER BREAKOUT PRICE MAY CONSOLIDATE A LITTLE BIT AFTER A LONG REALLY & RETEST ON BREAKOUT LEVEL ACTING AS SUPPORT.
🚫This is only for Educational Purpose 🚫
➡️Consult Your Financial Advisors Before Taking Any Trade💻
ELECON Short Term BullishElecon for short term bullishness. Chart self explanatory at different level. Elecon entered null volume territory which allows price to move up/down quickly around support and resistance areas. Expecting Elecon to consolidate between 1 and 1.23 fib levels before next leg up. it shouldn't loose 99.16 level.
