Reversal Expected in Engineers India
Observing this simple chart, EIL is in ascending channel.
The stock price and RSI has already bottomed out, and is at a strong support zone.
Levels of 75 -74 are in a good demand zone and reversing from those levels, the short term targets could be around 100-110. Closing below 69 should be the stoploss.
One can also take this opportunity for investment purpose, as the navratna company is with no debts and has a reasonably good order book.
Do comment if you have any queries regarding the same and I am always open to your suggestions guys !
The stock price and RSI has already bottomed out, and is at a strong support zone.
Levels of 75 -74 are in a good demand zone and reversing from those levels, the short term targets could be around 100-110. Closing below 69 should be the stoploss.
One can also take this opportunity for investment purpose, as the navratna company is with no debts and has a reasonably good order book.
Do comment if you have any queries regarding the same and I am always open to your suggestions guys !
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