IREDA is ready for breakout?
Aktualisiert
Overview: 
IREDA is a fundamentally strong stock that entered a downtrend after reaching its all-time high (ATH) of 310. This stock is a trendy stock, which follows a trendy price action. After breaking its previous ATH of around 215, it surged to 310, delivering a 42% return. Following this rally, it pulled back to the prior ATH of 215 and bounced back from that level. This bounce suggests a potential breakout, which could indicate the continuation of the uptrend.
Trade Plan: The price has found strong support at 215, indicating bullish momentum. If the price breaks the vertical and horizontal resistance of 235 on the daily timeframe and sustains above it, consider opening a buy position with a stop loss placed below 215. In case the price doesn't break this resistance, consider waiting for a breakout. While the price consolidates between 215 and 225 accumulate buy position. During this period, it’s crucial to maintain a strict stop loss below 215, keeping your risk-reward ratio in mind and aligning with your risk management strategy.
Targets: 1st TP: 265, 2nd TP: 305, 3rd TP: Trail until stoploss hit.
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Note: All ideas shared here are solely my personal opinions for educational purposes and do not constitute financial advice. Always conduct your own analysis or consult with a certified financial advisor before making any investment or trading decisions. I am not responsible for any financial loss that may occur as a result of following this information.
IREDA is a fundamentally strong stock that entered a downtrend after reaching its all-time high (ATH) of 310. This stock is a trendy stock, which follows a trendy price action. After breaking its previous ATH of around 215, it surged to 310, delivering a 42% return. Following this rally, it pulled back to the prior ATH of 215 and bounced back from that level. This bounce suggests a potential breakout, which could indicate the continuation of the uptrend.Trade Plan: The price has found strong support at 215, indicating bullish momentum. If the price breaks the vertical and horizontal resistance of 235 on the daily timeframe and sustains above it, consider opening a buy position with a stop loss placed below 215. In case the price doesn't break this resistance, consider waiting for a breakout. While the price consolidates between 215 and 225 accumulate buy position. During this period, it’s crucial to maintain a strict stop loss below 215, keeping your risk-reward ratio in mind and aligning with your risk management strategy.
Targets: 1st TP: 265, 2nd TP: 305, 3rd TP: Trail until stoploss hit.
If you found this analysis helpful, please hit the boost and follow for more updates.
Note: All ideas shared here are solely my personal opinions for educational purposes and do not constitute financial advice. Always conduct your own analysis or consult with a certified financial advisor before making any investment or trading decisions. I am not responsible for any financial loss that may occur as a result of following this information.
Anmerkung
Overview: IREDA ek fundamentally strong stock hai jo apne all-time high (ATH) 310 ko touch karne ke baad downtrend mein aaya hai. Yeh ek trendy stock hai jo price action ke trend ko closely follow karta hai. Pichle ATH jo 215 ke aas-paas tha, ko todne ke baad, stock 310 tak chala gaya, jahan isne 42% ka return diya. Is rally ke baad, stock wapas apne pehle ATH 215 tak pullback kiya aur wahan se bounce back hua. Yeh bounce ek potential breakout ka indication de raha hai jo uptrend ke continuation ka signal ho sakta hai.
Trade Plan: Price ne 215 pe strong support bana liya hai jo bullish momentum ka signal hai. Agar price daily timeframe pe 235 ke vertical aur horizontal resistance ko todta hai aur uske upar sustain karta hai, toh ek buy position open kar sakte ho, jisme stop loss 215 ke neeche place karna hoga. Agar price yeh resistance nahi todta, toh breakout ka wait karo aur jab price 215 aur 225 ke beech consolidate kare, tab buy position accumulate karna shuru karo. Is period ke dauran, strict stop loss 215 ke neeche rakhna zaroori hai, aur apne risk-reward ratio ko dhyaan mein rakhte hue risk management strategy follow karna.
Targets: 1st TP: 265, 2nd TP: 305, 3rd TP: Trail until stoploss hit.
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Note: Yeh sab ideas sirf mere personal opinion hain aur educational purposes ke liye hain, financial advice nahi. Koi bhi investment ya trading decision lene se pehle apna analysis khud karein ya kisi certified financial advisor se consult karein. Main kisi bhi financial loss ke liye zimmedar nahi hoon jo is information ko follow karne ke wajah se ho.
Anmerkung
Important update: As the market is becoming volatile fundamentally, I will be looking for a bullish confirmation to enter the trades to minimize the risk and strictly follow and trade according to the levels mentioned above. Trade geschlossen: Stop wurde erreicht
Stop has been hit. Will enter again only if market sentiments become positive again and price closes above 216 and retest.
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