Soon to breakout Engineers India after 14 years
Public sector enterprises , that is the government companies in India are showing strength and value buying last year or two. The mindset/trust of investors and traders is gaining in these companies. But we need to ensure that the fundamentals and technicals are respected.
One such company following the above criteria is 'Engineers India' .
This script is near 14 year resistance level of around 160 and has been consolidating and retesting the 160 levels . The fundamentals of the company has improved and its available at fair valuations considering its earnings. Its in Engineering Procurement and Construction ( EPC ) segment. And we can see India is largely doing infrastructure spending and this company is capable enough the work on it.
Tecnically, once 160 levels are broken and we see weekly close above 160-170 zone then levels of 300 can be seen based on Fibonacci levels and if we calculate height of the zone in which it was present from last 14 years then also targets are around 300-325 levels.
Stop loss can be below 140 levels on weekly closing basis .
The volumes are supporting the up-move which is a good indication.
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)
If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :)
One such company following the above criteria is 'Engineers India' .
This script is near 14 year resistance level of around 160 and has been consolidating and retesting the 160 levels . The fundamentals of the company has improved and its available at fair valuations considering its earnings. Its in Engineering Procurement and Construction ( EPC ) segment. And we can see India is largely doing infrastructure spending and this company is capable enough the work on it.
Tecnically, once 160 levels are broken and we see weekly close above 160-170 zone then levels of 300 can be seen based on Fibonacci levels and if we calculate height of the zone in which it was present from last 14 years then also targets are around 300-325 levels.
Stop loss can be below 140 levels on weekly closing basis .
The volumes are supporting the up-move which is a good indication.
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)
If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :)
Trade active
Hi All,Greetings of the day! Happy New Year!
Hope the above analysis was clear and its really nice to see it working as expected / planned. The script has moved around 60% from mentioned levels, I would suggest to move the STOP LOSS to breakout levels . Script will become weak below 170 on weekly closing basis.
How can one consider entering fresh?
Answer: Any dip of 5-10% is a good opportunity to add and till its above 170 this can be considered. our initial targets mentioned in previous description of 300 350 is still intact and I hope we can see them in 2024 itself. The strength in the script is what one should take advantage of.
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)
If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.