Elecon Engineering Company Limited (ELECON) Stock - Complete Technical Analysis - Sep 06, 2024

Elecon Engineering Stock Analysis: Key Support, Resistance

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Elecon Engineering Company Limited (ELECON) is currently trading at 616. The technical indicators suggest a mixed outlook with key levels to watch. The RSI is neutral, indicating the stock is neither overbought nor oversold. Stochastic %K and Stochastic RSI are also in the neutral zone, suggesting potential for either upward or downward movement.

The MACD is slightly positive, reflecting a mild bullish sentiment, while the Awesome Oscillator confirms a positive momentum. However, the ADX is low, indicating that the current trend may lack strength.

Support levels for ELECON are around 600 and 570, while resistance can be found at 630 and 660. The stock's position relative to moving averages suggests a potential for consolidation or gradual upward movement, especially as it's trading above the 50-day and 100-day moving averages but below the 10-day and 20-day moving averages.

Overall, ELECON shows a neutral to slightly bullish trend with important support and resistance levels to monitor for potential breakout or reversal signals.