Elecon Engineering... forms bearish flag pattern
After making a high of 415, the stock has shown weakness.
Currently, I can see formation of bearish flag pattern, which is a continuation pattern. Can expect further correction in the stock price.
Another important thing to note is that the stock price is below the 50 day moving average. For any positive up-move, will wait for the price to move above the 50 day moving average.
Further downside can take the price to around 300 levels, which is an important support zone.
Not a buy/sell recommendation. Please consult your financial advisor.
Currently, I can see formation of bearish flag pattern, which is a continuation pattern. Can expect further correction in the stock price.
Another important thing to note is that the stock price is below the 50 day moving average. For any positive up-move, will wait for the price to move above the 50 day moving average.
Further downside can take the price to around 300 levels, which is an important support zone.
Not a buy/sell recommendation. Please consult your financial advisor.
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