IEX has bounced from the lower end of the parallel channels as shown with volume. Today's close above 187.5 would be a confirmation of short term bullishness in this stock. If it closes strongly, I can see many targets in the range of 190 - 200 getting hit. Close above 207 would mean even more bullishness but that seems difficult in the current market environment. Stoploss should be placed below 172.
Further, the bullish move today is supported by substantial volume increase across all segments registering 16% y-o-y growth on the exchange as reported by the company yesterday. Another positive is that US Energy Index surged to an 8-year high currently.
These comments are educational and not meant to be a recommendation to trade. It's for curious minds who enjoy looking for signals from the charts. Enjoy!
Further, the bullish move today is supported by substantial volume increase across all segments registering 16% y-o-y growth on the exchange as reported by the company yesterday. Another positive is that US Energy Index surged to an 8-year high currently.
These comments are educational and not meant to be a recommendation to trade. It's for curious minds who enjoy looking for signals from the charts. Enjoy!
Trade active:
As long as 172 is not broken on Daily closing basis, IEX remains a buy on dips stock. These days it opens high and is shorted from the top to 173/174 levels but refuses to go below the support level of 172. If the market turns strong suddenly for whatever reason, IEX should show good upside is what I read from the chart. What do you see?
Trade closed: stop reached:
After yesterday's close below 172, SL is hit.