POTENTIAL LONG OPPORTUNITY IN IREDA AFTER GOOD RESULTSHello Community!
IREDA reported strong results with 38% increase in sales and 36% sales in profit. The result is already factored in the market as the price went up sharply. Now the price has come down 50%. Despite this fall, there are no significant red volume bars observed. This suggests that there is not much of selling pressure.
In the weekly chart, higher lows are being formed. Price is retesting the exact same levels where it broke out of the resistance.
In the daily chart, price is trading in a downward trendline and above the strong support levels. Once it is broken, we can enter with a very good risk to reward ratio as shown in the chart.
DISCLAIMER: THIS IS NOT A RECOMMENDATION AND IS SHARED ONLY FOR EDUCATIONAL PURPOSES.