Breaking Down the Technical of IEX Stock: Is it Time to Buy?

AfnanTAjuddin Updated   
In this technical analysis of IEX stock, conducted by technical analyst Afnan Tajuddin, we break down key levels and demand zones to identify a potential buy opportunity and provide a trade plan for maximizing profits. Please note that this analysis is for informational purposes only, and should not be considered as investment advice.

1. Trend Analysis: IEX stock has been in a downtrend for many months, and the downtrend line was broken on 20th February 2023 with good volume. The stock rallied until the strong supply zone of 154, which has been holding the price down for months.

2. Key Levels: The stock price has fallen several times after testing the 154-155 levels. After the downtrend line breakout, the price went up until the 154.60 level and fell sharply till 125 on 29th March 2023. The 125 level is coming under monthly demand zone and this level is a retest of the previous downtrend line breakout as well.

3. Price Action: The price has reacted from the monthly demand zone and the retest of the downtrend line. We can see a big rally of 21% in only 5 days with significant volume, and the level of 155 also got broken. Now, the price is coming down to test the breakout of the supply zone with very low volume.

4. Trade Plan: We can plan our buy trade above 153.5 as a retest of breakout and RBR demand zone, with a stop loss below 148. The first target can be set at 162 and the second target can be set at 172.

5. Exit Strategy: After reaching both targets, it's recommended to extend the targets and trail the stop loss to lock in profits and stay in the trade for further potential gains. This strategy can help to maximize profits while minimizing potential losses.

6. Request: If you like this analysis, kindly like it and for more analysis follow me on TradingView. If you have any questions or comments about this analysis, please ask in the comments box below

7. Disclaimer: This analysis is for informational purposes only and should not be considered as a buy trade call or investment advice. I am not a SEBI registered analyst. Before making any investment decisions, please do your own research and analysis.

Overall, based on the technical analysis, the IEX stock looks like a good buy opportunity at current levels with a potential for a significant upside. However, as with any investment, there are risks involved and it's important to consider your own risk tolerance and do your own research before making any investment decisions.
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I am happy to report that our analysis of IEX stock, posted on 27th April, has proven to be accurate and successful. As predicted, the stock price has touched the first target of 162 RS on 12th May 2023 and has come down since then.


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