📊 Elecon Engineering Company Limited – Strong Recovery from Bottom Formation
The stock is showing a clear reversal attempt after a prolonged downtrend, with price bouncing sharply from lower demand zones.
🔎 Technical Observations:
• Prior downtrend with consistent lower highs & lower lows
• Formation of a base near strong support (Bottom formation)
• Sharp bullish candles indicating strong buying interest
• Price reclaiming short-term moving averages
• Momentum indicators turning positive with strength
🔑 Key Levels to Watch:
• Immediate Support: ₹436 – ₹418
• Major Support: ₹394 – ₹373
• Immediate Resistance: ₹478 – ₹499
🚀 Upside Targets:
• ₹499
• ₹562
• ₹625+
📉 Risk Scenario:
Breakdown below ₹418 may weaken the recovery and push price towards ₹394
📈 Trading View:
👉 Stock has given a strong bounce from bottom zone
👉 Sustaining above ₹499 can trigger fresh bullish momentum
👉 Trend reversal confirmation likely on breakout
⚠️ For educational purposes only.
— AALGO BREATHS 📊