RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of ELECON.BO
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Green day on Wednesday for Elecon Engineering Company Limited stock after gaining 1.56%
(Updated on Mar 27, 2024)

Hold candidate since Mar 22, 2024 Gain 4.39% PDF

The Elecon Engineering Company Limited stock price gained 1.56% on the last trading day (Wednesday, 27th Mar 2024), rising from ₹943.80 to ₹958.50. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.71% from a day low at ₹926.40 to a day high of ₹970.00. The price has risen in 7 of the last 10 days and is up by 10.12% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 24 thousand more shares were traded than the day before. In total, 36 thousand shares were bought and sold for approximately ₹34.54 million.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -9.22% during the next 3 months and, with a 90% probability hold a price between ₹721.81 and ₹940.83 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

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ELECON.BO Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 18.28%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Elecon Engineering Company Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹961.63. On a fall, the stock will find some support from the short-term average at ₹891.05. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Elecon Engineering Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹872.90 and ₹870.40. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Elecon Engineering Company Limited finds support just below today's level at ₹872.90. If this is broken, then the next support from accumulated volume will be at ₹870.40 and ₹810.35.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹43.60 between high and low, or 4.71%. For the last week, the stock has had daily average volatility of 4.89%.

Our recommended stop-loss: ₹919.58 (-4.06%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (ELECON.BO) For The Upcoming Trading Day Of Thursday 28th

For the upcoming trading day on Thursday, 28th we expect Elecon Engineering Company Limited to open at ₹951.63, and during the day (based on 14 day Average True Range), to move between ₹911.04 and ₹1,005.96, which gives a possible trading interval of +/-₹47.46 (+/-4.95%) up or down from last closing price. If Elecon Engineering Company Limited takes out the full calculated possible swing range there will be an estimated 9.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹989.90 (3.28%) than the support at ₹872.90 (8.93%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Elecon Engineering Company Limited stock A Buy?

Elecon Engineering Company Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.310 Hold/Accumulate Unchanged

Predicted Opening Price for Elecon Engineering Company Limited of Thursday, March 28, 2024

Fair opening price March 28, 2024 Current price
₹951.63 ( 0.716%) ₹958.50

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for ELECON.BO

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 995.23 3.83 %
R2 978.58 2.09 %
R1 968.29 1.02 %
Current price: 958.50
Support S1 934.98 -2.45 %
S2 924.69 -3.53 %
S3 908.03 -5.27 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 1,085.05 13.20 %
R2 1,036.00 8.09 %
R1 989.90 3.28 %
Current price 958.50
Support S1 872.90 -8.93%
S2 870.40 -9.19%
S3 810.35 -15.46%

FAQ

What is the symbol for Elecon Engineering Company Limited Stock and on which exchange is it traded?
The symbol for Elecon Engineering Company Limited is ELECON.BO and it is traded on the XBOM (Bombay Stock Exchange).

Should I buy or sell Elecon Engineering Company Limited Stock?
Elecon Engineering Company Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

How to buy Elecon Engineering Company Limited Stock?
Elecon Engineering Company Limited Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Elecon Engineering Company Limited Stock.

What's the current price of Elecon Engineering Company Limited Stock?
As of the end of day on the 2024-03-27, the price of an Elecon Engineering Company Limited (ELECON.BO) share was ₹958.50.

What is the 52-week high and low for Elecon Engineering Company Limited Stock?
The 52-week high for Elecon Engineering Company Limited Stock is ₹1,120.50 and the 52-week low is ₹349.90.

When is the next earnings date for Elecon Engineering Company Limited?
The upcoming earnings date for Elecon Engineering Company Limited is Apr 23, 2024.
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