Daily Chart - We have seen an incredible bull run in IEX with the stock rising from a level of 400 to 587+ in just 9 sessions. While the stock has consolidated a bit after the run, it has managed to take out the previous swing high (Also the all-time high of the stock) comfortably. If we apply the Fibonacci tool, we can observe that the stock has taken support at the 23.60% level and has again started the upward journey. One may also estimate the possible swing targets for the stock using Fibonacci as below
Swing Target 1 - 640 (23.60%)
Swing Target 2 - 660 (38.20%)
Stop Loss - 540 (SL has been kept at previous swing low)
Swing Target 1 - 640 (23.60%)
Swing Target 2 - 660 (38.20%)
Stop Loss - 540 (SL has been kept at previous swing low)
Trade closed: target reached:
Both T1 & T2 were achieved. If anyone wants to hold the long position, they should hold the same with a revised SL below 637 on a daily closing basis.