NeeteshJain
Long

IDEA - CONSOLIDATION BREAKOUT

BSE:IDEA   IDEA CELLULAR LTD
732 9 11
It is been observed on the hourly chart that the price action consolidated in a downward or a zig-zag correction and now it has broken above the downward trend line indicating buyers come back. It shall further take the prices up from the current levels.

Target: 112

Stoploss: 109
Trade active
Trade active: Idea in news for expanding 4G network in 30 new towns within India. Regards
Comment: Stoploss Changed to 108
Trade active
Comment: Big players taking every dip as an opportunity to buy in the market. Idea is one of the script where big players anticipating the same.

It is in a bullish mode and it shall further move up to 120 levels in march series.

Thanks,
Comment: Updated Chart with new stop loss,

snapshot


Stoploss: 106

Regards
Trade closed: stop reached
Comment: It is still in uptrend and it shall move up again later in coming days. Now, you can hedge your positions by buying a PE 102.50. Regards
Comment: It did come back strongly and continuous to trend up. Regards
Hi Neetesh,

Thanks, will look for 110 + levels, but i think it may correct by another 3-4% before taking that rise again.
Reply
@samayra, Yes, it may correct further or consolidate and it will only be a good buy once it goes above 110 levels and ultimately 114 levels. Wish you the best, Regards
Reply
Hi Neetesh and Shiv, interesting analysis by both. it did correct to 102-103 levels as picked up by Shiv and it did reach 112-114 as picked up by Neetesh. Now what is further course of action...of course it is bound to reach high levels once voda-idea merger is concluded ..but is it again expected to correct to 102, before taking a bounce up?
+1 Reply
@samayra, I would advise you to buy or get into the rally again once it crosses or closes above 114 levels again. I appreciate your follow up and support. Regards
Reply
NeeteshJain TOP NeeteshJain
@NeeteshJain, If price action goes above 110 levels then it shall be again a good buy for target of 112. Regards
Reply
IS YOUR SL FINALLY TRIGGERED? Regards
Reply
@ms555, I shall close the trade once it closes below 106 levels. Currently, with each dip, big players taking long positions in it. Regards
Reply
You look in to 8 Hour Candle stick and see the support and resistance along with Trend line , May be you would not decide to enter until it retrace up to 102 ,
Rest Cheers
Regards
+1 Reply
@shiv2798, Yes, you're correct. Once it goes below 106 levels then it shall go down to 103-102 levels. Appreciate your feedback. Regards
Reply
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