Rising Channel movement, Higher High Higher Low Structure.
IEX is moving in rising channel. It evident from volumes at lower end of the supports that stock has taken support at lower end of the channel.
Keep SL below the current swing low at 385 levels.
Final Target will be upper end of the line around 470 levels.
Partial profit booking level around 438.
After that either book partial profit and hold balance with CTC SL or hold full quantity with CTC SL.
Overall the Reward at final Target is around 3 times the risk.
Will review at all mentioned levels, if it shows strength at 470 levels will look for 520 by making the trade risk free.
Note channel is drawn based on line charts, if you draw on candle stick charts trend lines will pass through the candles.
Line charts remove noise and give clear chart.
Technical Analysis is not solely candle stick, there are other types too.
Keep SL below the current swing low at 385 levels.
Final Target will be upper end of the line around 470 levels.
Partial profit booking level around 438.
After that either book partial profit and hold balance with CTC SL or hold full quantity with CTC SL.
Overall the Reward at final Target is around 3 times the risk.
Will review at all mentioned levels, if it shows strength at 470 levels will look for 520 by making the trade risk free.
Note channel is drawn based on line charts, if you draw on candle stick charts trend lines will pass through the candles.
Line charts remove noise and give clear chart.
Technical Analysis is not solely candle stick, there are other types too.
Comment:
Now as stock is showing strength trail SL at 432 hold it for 520 😃
Trade closed: target reached:
Suprerb 520 hit 🥳
Book partial and hold rest with CTC.
😃👍🏾