Elecon Engineering Company Limited Stock Forecast
Elecon Engineering Company Limited stock price down 1.16% on Friday
(Updated on Apr 26, 2024)
The Elecon Engineering Company Limited stock price fell by -1.16% on the last day (Friday, 26th Apr 2024) from ₹1,141.80 to ₹1,128.50. During the last trading day the stock fluctuated 3.70% from a day low at ₹1,120.00 to a day high of ₹1,161.45. The price has been going up and down for this period, and there has been a 12.48% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -32 thousand shares and in total, 10 thousand shares were bought and sold for approximately ₹10.90 million.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹1,166.29 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Elecon Engineering Company Limited stock with a 90% probability to be traded between ₹806.17 and ₹1,162.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ELECON.BO Signals & Forecast
The Elecon Engineering Company Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹1,132.73. On a fall, the stock will find some support from the long-term average at approximately ₹978.50. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -3.27%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Elecon Engineering Company Limited stock
Elecon Engineering Company Limited finds support from accumulated volume at ₹1,085.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ₹41.45 between high and low, or 3.70%. For the last week, the stock has had daily average volatility of 7.16%.
Our recommended stop-loss: ₹1,076.82 (-4.58%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (ELECON.BO) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Elecon Engineering Company Limited to open at ₹1,136.65, and during the day (based on 14 day Average True Range), to move between ₹1,068.86 and ₹1,188.14, which gives a possible trading interval of +/-₹59.64 (+/-5.28%) 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 10.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,141.80 (1.18%) than the support at ₹1,085.05 (3.85%), 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?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Elecon Engineering Company Limited stock to perform well in the short-term period.
Current score: 1.518 Buy Candidate Unchanged
Predicted Opening Price for Elecon Engineering Company Limited of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
₹1,136.65 ( 0.722%) | ₹1,128.50 |
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 | 1,178.10 | 4.40 % | |
R2 | 1,162.27 | 2.99 % | ||
R1 | 1,152.48 | 2.13 % | ||
Current price: | 1,128.50 | |||
Support | S1 | 1,120.82 | -0.681 % | |
S2 | 1,111.03 | -1.55 % | ||
S3 | 1,095.20 | -2.95 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1,166.60 | 3.38 % | |
R2 | 1,154.95 | 2.34 % | ||
R1 | 1,141.80 | 1.18 % | ||
Current price | 1,128.50 | |||
Support | S1 | 1,085.05 | -3.85% | |
S2 | 1,061.65 | -5.92% | ||
S3 | 870.40 | -22.87% |
ELECON Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Oct 31, 2023 | Oct 31, 2023 | Nov 19, 2023 | ₹1.00 | 0.113% |
2 | Jun 09, 2023 | Jun 09, 2023 | Jul 28, 2023 | ₹2.00 | 0.272% |
3 | Jun 09, 2022 | Jun 09, 2022 | Jul 28, 2022 | ₹1.40 | 0.386% |
4 | Jul 26, 2017 | Jul 26, 2017 | Sep 02, 2017 | ₹0.500 | 1.02% |
5 | Jul 18, 2016 | Jul 18, 2016 | Jul 18, 2016 | ₹1.10 | 1.75% |
FAQ
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