Compressing the Compressor - Elgi Equipment
Elgi Equipment - This Railway Themed Compressor stock in long term is travelling within a Parallel Channel for 24 years since 2000.
*Quarterly Timeframe:* Multiple attempts since past 2+ years to break the top of the Parallel Channel. Currently in April 2024, the BO has been confirmed for Targets of 800, 885
*Weekly Timeframe:* On weekly, we see a clean and strong Bullish Continuation Candlestick Pattern - the famous 2 Black Crows. The pattern has formed right above the Long Term Parallel Channel and stayed above for more than 4 weeks now. The next resistance is at 705. Once broken decisively - 800, 885 would be in sight
Disclaimer:
3+ Years Teaching Experience in Stock Market - Technical Analysis, Advanced Patterns, Emotional Management, News based Trading...
We are NOT SEBI Registered and Our focus is NOT providing Buy/Sell Recommendations/calls. Primary Objective is to provide detailed analysis of how to review a chart, explain multi-timeframe views purely for Educational Purposes.
We strongly suggest our followers to "Learn to Ride the Tide irrespective of its Side"
*** Important *** Consult your Financial Advisors before taking any positions
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-Team Stocks-n-Trends
*Quarterly Timeframe:* Multiple attempts since past 2+ years to break the top of the Parallel Channel. Currently in April 2024, the BO has been confirmed for Targets of 800, 885
*Weekly Timeframe:* On weekly, we see a clean and strong Bullish Continuation Candlestick Pattern - the famous 2 Black Crows. The pattern has formed right above the Long Term Parallel Channel and stayed above for more than 4 weeks now. The next resistance is at 705. Once broken decisively - 800, 885 would be in sight
Disclaimer:
3+ Years Teaching Experience in Stock Market - Technical Analysis, Advanced Patterns, Emotional Management, News based Trading...
We are NOT SEBI Registered and Our focus is NOT providing Buy/Sell Recommendations/calls. Primary Objective is to provide detailed analysis of how to review a chart, explain multi-timeframe views purely for Educational Purposes.
We strongly suggest our followers to "Learn to Ride the Tide irrespective of its Side"
*** Important *** Consult your Financial Advisors before taking any positions
If you like our detailed analysis, please do rate us with your Likes, Boost and share your comments
-Team Stocks-n-Trends
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