ELECON trade ideas
We noticed a fish hook pattern emerging in the trend.Those who bought with me at the 563 level are now enjoying substantial profits. The stock is poised to test the upper band, and tomorrow is a crucial day as the company will announce its results. The chart suggests the results will be outstanding.
Now, for those who invested alongside me, the key question is: should you sell around the 810 zone or hold? My recommendation is to hold for the long term. This stock has the potential to create significant wealth again. If you don't need the money, consider holding it for the next 5 to 10 years.
New all-time high!This gem has reached a new all-time intraday high, showcasing a beautifully long channel. Once we see a daily close above the previous all-time high, a new journey toward 800 will begin. If it breaks through this channel, we could witness a significant rally. I previously shared a chart and advised everyone to enter at 578. For those who did, never sell this stock. NEVER. Hold onto this for the next generation; it has the potential to create wealth for your future family. This is one of the best companies to ever list on the Indian stock market, and I’m proud to be a shareholder since the COVID period.
ELECON1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge. No other thoughts
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
Very good buying opportunityThe stock has once again taken support from the daily trend line today and is moving up within this long 6-month channel. I anticipate it will break out of this channel within the next 3 to 6 months and potentially head back to the 1000 levels. Delivery volumes have been very high over the past few weeks, and management provided a very bullish guidance last month regarding the upcoming quarters.
Once in a lifetime buying opportunity.The stock has taken support exactly from the lower band of this beautiful daily channel. This is a must-buy zone, with the lower blue bar serving as a stop loss. The risk-to-reward ratio is absolutely amazing. It is one of the greatest stocks in the Indian market. The stock is headed for the upper band now and will probably break it the next time, which will start the journey once again towards 1000+ levels.
SWING IDEA - ELECON ENGINEERINGConsider 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 :
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
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ELECON- Keep on RadarStock has formed Cup & Handle pattern. Price breakout of the handle was seen on 26 Dec 23 with good volumes, but stock started trading in a tight range right below the absolute top of the cup pattern with low volume. if price breaks above 950/- Level with good volumes and breakout sustains, the stock may give a good upwards move of 25% to 28%.
Entry: Above 990; SL: Below 905.
ELECON 917 BO doneElecon Engineering Company Ltd
Market Cap ₹ 10,767 Cr. | Current Price ₹ 960
52 High / Low ₹ 983 / 331 | Stock P/E 36.9 | Book Value ₹ 126
Dividend Yield 0.23 % | ROCE 24.9 % | ROE 20.5 % | Face Value ₹ 2.00
Promoter holding 59.3 % Current liabilities ₹ 375 Cr. Total Assets ₹ 1,881 Cr.
Return over 1year 95.3 %
Return over 6months 52.0 %
Return over 3months 3.96 %
Return over 1month 18.1 %
Return over 3years 194 %
Return over 5years 73.5 %
MACD ₹ 19.4 | RSI ₹ 55.4 DMA 50 838 DMA 200 671
Volume 1,00,548 Avg Vol 1Mth 4,55,186 Avg Vol 1Wk 1,91,571
A Bullish Signal for Long-Term Investors - ELECONIntroduction:
Elecon Engineering Company Ltd. (ELECON) is a leading manufacturer of Material Handling Equipment and Incraft carriers in India. The company has a rich history dating back to 1960 and has been a part of the NSE since its inception. In this blog post, we will analyze the company's financial performance and provide a bullish signal for long-term investors.
Financial Performance:
ELECON has consistently shown a positive trend in its financial performance over the years. The company's sales have been increasing steadily, with a growth rate of 13% in the last year. The company's operating profit has also been on an upward trend, with a growth rate of 22% in the last year. The company's net profit has been increasing at a rate of 21% in the last year.
Technical Analysis:
The company's stock price has been trading above its 90-day moving average, which is a bullish signal. The RSI (Relative Strength Index) is also showing a bullish signal, indicating that the stock is oversold and ready to bounce back. The MACD (Moving Average Convergence Divergence) applied on OBV (On Balance Volume) is also showing a bullish signal, indicating that the stock is ready to make a new high.
Quarterly Results:
ELECON's quarterly results have been impressive, with a growth rate of 13% in sales, 22% in operating profit, and 21% in net profit. The company's other income, interest, and depreciation have also been increasing steadily.
Conclusion:
In conclusion, Elecon Engineering Company Ltd. (ELECON) is a bullish stock with a strong financial performance and a positive technical analysis. The company's quarterly results have been impressive, and the stock is trading above its 90-day moving average, indicating that it is ready to bounce back. We recommend long-term investors to consider this stock for their portfolio.
Resistance BreakoutPlease look into the chart for a detailed understanding.
Consider these for short-term & swing trades with 2% profit.
For BTST trades consider booking
target for 1% - 2%
For long-term trades look out for resistance drawn above closing.
Please consider these ideas for educational purpose
Resistance Breakout
Please look into the chart for a detailed understanding.
Consider these for short-term & swing trades with 2% profit.
For BTST trades consider booking target for 1% - 2%
For long-term trades look out for resistance drawn above closing.
Please consider these ideas for educational purpose
