Olectra has finally given a good up move with volume after decent correction and consolidation.
The chart suggests this could be a double bottom breakout as well and today's strong closing could add to that point.
It has taken out an important resistance of 1280 with RSI comfortably above 60. I expect it to touch levels near its last ATH, which is 1465, however...
285% rally in 141 days is good enough rally to attract retail traders.
Stay away and thank me later.
As per ABC corrective pattern, Olectra already achieved its target.
I am not expecting any upside in short term.
50% correction coming which can push the price lower towards 700 odd levels
Once peaked at PE of 370, now available at a PE of 172.
Even the forward...
NSE:OLECTRA small cap e-bus stock is forming triangle pattern.
EV related stocks with strong financials are good to average at every dips and wait for good up move on a relevant news.
Key note : Always follow proper risk management to avoid losing capital from false breakouts as this is common.
Caution : This is a knowledge sharing analysis, not a call.
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Based on news from Olectra --
Received contract for 1100 Busses for 2400 + 10-year maintenance project.
Keep an eye on this - and trade carefully.
Please do your own research.
