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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