Check out the chart: Tech graph shows how this heavy-duty electrical equipment maker could hit new record highs

part of the heavy electrical equipment space, is up more than 40% from its May 2022 low, and technical modeling suggests that the bull run is likely to continue.

The stock hit a 52-week high of Rs 549 on February 7, 2022, but it failed to keep up its momentum. Shares rebounded after hitting a low of Rs 345 on May 12, 2022.

Short-term traders who missed out on the rally could consider buying the stock now or taking a dip to hit a viable target above Rs 600 over the next 3-4 weeks, experts suggest.

Stocks that broke out of a Symmetrical Triangle in December on the weekly chart are seen retesting the pattern’s neckline and then recovering quickly.

Triangles are formed when the market loses interest in a counter, but then picks up momentum. The stock is seen in a slight downtrend before breaking out of the downtrend line.

A symmetrical triangle is often considered a continuation pattern.

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In terms of price action, the stock price is trading much higher than the short and long-term moving averages of 5,10,30,50,100 and 200-DMA, which is a positive sign for the early adopters. price up.

The Relative Strength Index (RSI) is at 63.3. Trendlyne data shows that RSI below 30 is considered oversold and above 70 is considered overbought. The MACD is above the center line and the signal line, which is a bullish indicator.

“KEC International has changed its polarity around Rs 357, which shows that bullish sentiment is growing behind the price.”

Patil, VP of Engineering Research at GEPL Capital, said.

“The stock retested the symmetrical triangle that it broke out in the first week of December 2022, indicating a continuation of the previous uptrend,” he added.

“The breakout is confirmed as it is accompanied by higher volume. The RSI on the weekly time frame is also showing a breakout, which reflects strong price dynamics,” emphasized Patil.

“In the near term, we expect the price to move higher up to Rs 625 in the near term, where the stop loss should be Rs 450 on a close basis,” he recommended.

(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. These do not represent the views of The Economic Times. )


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