Elecon Engineering Co. ltd on a daily chart stock
price is making higher high pattern, also its trading above 20 DMA, indicate
stock is well placed above the support level. On a weekly chart stock price at
Rs. 70.50 has given the breakout of upper level of ascending triangle pattern
at Rs. 66.75, indicate stock price can rally towards Rs. 96 level most likely.
Momentum RSI is rising have more room left on upside, which add more
bullishness for the stock price.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate at Rs. 70.50 for the target of Rs. 85/96 levels, with Rs 63
stop loss on closing basis.
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