Trending stock under Rs 50: Commercial Engineers and Body Builders Co Ltd

Trending stock under Rs 50: Commercial Engineers and Body Builders Co Ltd

Rohit Kale
/ Categories: Trending, Mindshare

The stock of CEBBCO has soared about 5 per cent on Wednesday and has attracted traders’ attention. 

Commercial Engineers and Body Builders Co Ltd (CEBBCO) offers vehicle and locomotive bodies for applications in road and railways transportation. The company is engaged in sheet metal fabrication and bodybuilding. It is a microcap company having a market capitalization of about Rs 387 crore. The stock of CEBBCO has soared about 5 per cent on Wednesday and has attracted traders’ attention. 

On the technical chart, the stock has formed a bullish marabozu candle on the daily timeframe. With today’s strong price action, the stock has closed above its short-term resistance of Rs 43. It has witnessed strong buying interest at lower levels and has gained about 11.88 per cent since its prior swing low of Rs 38.7 in just three trading sessions. Interestingly, the stock has given a breakout from its triangle pattern with huge volume today. 

The technical parameters favour the stock’s bullishness too. The 14-period daily RSI has risen above the prior swing high, while the daily MACD has already signalled a bullish crossover. The Elder Impulse System continued to display bullish momentum. Moreover, the On Balance Volume (OBV) is at its peak and indicates bullishness from the volume’s point of view. Overall, the picture is quite bullish. 

Considering the strong price structure and the breakout, the stock is expected to test the levels of Rs 46, followed by Rs 48 in short term. Moreover, it is a perfect candidate for swing trading. 

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