NeeteshJain

IDEA - CONSOLIDATION BREAKOUT

Long
BSE:IDEA   VODAFONE IDEA LIMITED
953 views
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,


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

Comments

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 NeeteshJain
@NeeteshJain, If price action goes above 110 levels then it shall be again a good buy for target of 112. 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
NeeteshJain shiv2798
@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
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
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