Description
⋅ 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.
Trade active
⋅ Error update: 50 day EMA at around 230 as of today, Jan 9 2022.
Trade closed: stop reached
⋅ Breached 200 levels.