IDEA - Potential Continuation Pattern

947 34
It is been observed on the hourly chart that the price action is forming a continuation pattern after breaking downward channel pattern.

It shall be a good opportunity to take a part in it once it closes above 93 levels.

I shall update the targets later.


Trade active: Target: 93.50

Stoploss: 91

Comment: Idea's Quarter Earnings out,
Here is the outlook:

IDEA - margin beat due to cost optimisation

EBITDA at 27% vs 25% (Est of 22- 22.5%)

"Loss lower than expected"

Resource: CNBC News ( Twitter)
Trade active
Comment: Rising wedge triangle did breakdown and failed continuation pattern. Now, taking 87 as a good stop loss. one can enter long. Regards
@NeeteshJain - Sir, I guess there is no point of holding this anymore, its a free fall. Is there any other update.
NeeteshJain VikasChhatwal
@VikasChhatwal, It has previously broken crucial support of 85 levels. And now it will change trend once it closes above 93-95 levels as initially mentioned. Regards
Sl done?
NeeteshJain SatyamMishra
@SatyamMishra, I recommend a buy once it closes above 93 levels, which never happened. Then I said to accumulate around 87 then it came down to 84-85 levels. Now, to be on a saver side buy once it closes above 88 levels with SL 86. Regards
@NeeteshJain @NamantSatiya @shiyas @samayra , as expected the stock has fallen & made low of 85.50. It looks to be a good bet to buy at this level.
samayra sgor1980
@sgor1980, thanks...but now it looks like it will touch..82.8....awwww!
@samayra, I think we should avoid going long or buy at current levels as It has gone below good support levels. Now, it shall consolidate from here on. I shall be updating more after the closing of current session. Appreciate your input. Regards
sgor1980 samayra
@samayra, may be it touches the level you suggested. but a correction beyond the level what i expected will be a more worry some and i would surely keep an sl of 80.50, the low from where the stock started to move recently.
samayra sgor1980
@sgor1980, @neetesh..thanks for your analysis and valuable comments.
sgor1980 samayra
@samayra, idea looks to be on its upside move.
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