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ELGI EQUIPMENT – TECHNICAL CHART STUDY

ELGI

As per the chart we can see that stock has made “SYMMETRIC TRIANGLE” chart pattern and able to hit the upper resistance level in last session.

even candlestick has given a strong bullish candle on chart, with rsi still trying to move into overbought region.

at this bottom reversal we seen a good and huge volume on chart which can indicate us about the breakout move of same.

so with the overall basic indication we can look for a good breakout above 166-169 range, if price able to cross this range and sustain or close above mention level then stock will look for a forwarded move of 30 rs and can be more also till 200-225 level with the strong supporting levels at 155 for now.

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