IREDA is ready for breakout?Overview: NSE: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.
