Elecon Engineering Company Limited – Strong Recovery from Bottom Formation

📊 Elecon Engineering Company Limited – Strong Recovery from Bottom Formation The stock is showing a clear reversal attempt after a prolonged downtrend, with price bouncing sharply from lower demand zones. 🔎 Technical Observations: • Prior downtrend with consistent lower highs & lower lows • Formation of a base near strong support (Bottom formation) • Sharp bullish candles indicating strong buying interest • Price reclaiming short-term moving averages • Momentum indicators turning positive with strength 🔑 Key Levels to Watch: • Immediate Support: ₹436 – ₹418 • Major Support: ₹394 – ₹373 • Immediate Resistance: ₹478 – ₹499 🚀 Upside Targets: • ₹499 • ₹562 • ₹625+ 📉 Risk Scenario: Breakdown below ₹418 may weaken the recovery and push price towards ₹394 📈 Trading View: 👉 Stock has given a strong bounce from bottom zone 👉 Sustaining above ₹499 can trigger fresh bullish momentum 👉 Trend reversal confirmation likely on breakout ⚠️ For educational purposes only. — AALGO BREATHS 📊