⚙️ Elecon Engineering: Cup & Handle Breakout Signals Next Leg of the Uptrend

$ELECON 📈 Technical View 1. Elliott Wave Structure The strong rally from the April lows appears to have completed a powerful Wave-3 advance. The subsequent rounded consolidation resembles a Wave-4 correction, which has unfolded in a controlled manner without damaging the broader uptrend. Price is now attempting to begin Wave-5, which could result in a fresh breakout and new swing highs. 2. MACD Momentum Setup During the handle formation, price corrected modestly while momentum indicators remained relatively resilient. This suggests a bullish momentum divergence, indicating weakening selling pressure. A positive MACD crossover near resistance would further strengthen the probability of a continuation breakout. 3. AVWAP Support Confirmation The Anchored VWAP from the April breakout zone continues to trend upward and remains below current prices. Multiple pullbacks have found support near this value area, suggesting accumulation by stronger hands. As long as price sustains above AVWAP, the bullish structure remains intact. 🏆 Fundamental Strength Elecon's chart structure is supported by strong underlying business performance: ✅ Industry-leading position in industrial gear and material handling solutions. ✅ Consistently high ROCE and efficient capital allocation. ✅ Healthy order book supporting revenue visibility. ✅ Strong cash generation and improving profitability. ✅ Beneficiary of long-term capex and manufacturing growth themes.