🚀 Wave 3 Potential on Fundamentally Strong Midcap!

🔍 Technical + Fundamental Breakdown (TEGA Industries Ltd | Weekly Chart) ✅ Elliott Wave Structure: The chart clearly depicts the completion of Wave 1 and Wave 2 correction. Current price action marks the early stage of Wave 3, which is typically the strongest and longest wave in Elliott theory. Price rebounded from the support zone between ₹1,060–₹1,200, aligning with long-term EMAs. ✅ MACD Signal: The MACD line is crossing above the signal line, coming out of deep oversold territory. This transition suggests momentum shift in favor of bulls—classic early Wave 3 confirmation. ✅ Anchored VWAP & EMA Levels: 200 EMA and Anchored VWAP from the major bottom have acted as springboards. Price reclaiming above these zones indicates strong base-building and renewed institutional interest. ✅ Fundamental Strength Snapshot: ROCE > 22% over the last 3 years Debt-free balance sheet Consistent revenue and profit growth, driven by robust export demand and specialized industrial offerings Positioned strongly in the mining consumables segment, which has secular tailwinds 🧠 Summary: TEGA Industries is forming a textbook Wave 3 launchpad, supported by: Elliott Wave alignment MACD bullish crossover Strong fundamental and financial backdrop Watch Zone: ₹1,600–₹1,700 Wave 3 Target Zone: ₹3,800–₹4,200 Risk Level: Medium (Invalidation below ₹1,350)