Long
INDIABULLS HOUSING: Consolidation zone and positional view
Updated
INDIABULLS HOUSING is on a consolidation phase on weekly chart.
Trigger could be the crossing of 50 day EMA at around 234.
Target of 280, which is also acting as a resistance zone. Beyond which 312 should be achieved in the medium term.
Current consolidation range is between 280 and 200. Below 200 the stock could slide to 180 - 160 levels.
Would wait for the ADX and DI+ to move above 25 for trend confirmation and strength.
It is a high beta stocks, hence one should be careful in taking positions.
Trigger could be the crossing of 50 day EMA at around 234.
Target of 280, which is also acting as a resistance zone. Beyond which 312 should be achieved in the medium term.
Current consolidation range is between 280 and 200. Below 200 the stock could slide to 180 - 160 levels.
Would wait for the ADX and DI+ to move above 25 for trend confirmation and strength.
It is a high beta stocks, hence one should be careful in taking positions.
Trade active
Error update: 50 day EMA at around 230 as of today, Jan 9 2022.Trade closed: stop reached
Breached 200 levels.
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