Elecon Engineering Company Limited (ELECON) Stock - Complete Technical Analysis - Dec 02, 2024

Elecon Engineering (ELECON) Stock Analysis Support, Resistance & Price Action NSE Technical Over

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 588.25, showing a decline of 20.41% from its 52-week high of 739.1. The stock has made a significant recovery from its 52-week low of 395.15, currently up by 48.87%.

From a technical standpoint, the stock is showing mixed signals. The RSI of 50.67 indicates a neutral stance, with neither overbought nor oversold conditions. However, the MACD is negative, which implies a potential short-term bearish phase. On the other hand, the Stochastic RSI indicates the stock is overbought, suggesting a possible pullback in the near future. Despite this, the Bull Bear Power remains positive, hinting at a general buying strength.

The stock is trading above key moving averages, particularly the 50-day and 200-day exponential moving averages, confirming the long-term bullish trend. However, the short-term moving averages suggest some resistance around current levels, indicating a potential consolidation or retracement in the near term.

Key support levels are near 577.16, 569.56, and 561.97, while resistance levels are observed around 592.34, 599.94, and 607.53. The ATR of 58.00 suggests that there is a high degree of volatility, which means traders should be prepared for fluctuations in price.

In the last few days, the stock has demonstrated notable price action with fluctuations in its daily range. For instance, on December 2nd, the stock moved between a low of 578.35 and a high of 591.20 before closing at 588.25, suggesting that there may be further volatility in the near term.

Overall, the stock is experiencing some short-term bearish pressure but remains in an overall bullish trend. Traders should watch for breakouts or pullbacks at the key levels of support and resistance for actionable insights.