Strategy : Buy in Dips using Support Zone & EMA

Aayush_Rungta Updated   
IEX is an Indian Company in Power Sector.

Recently after forming a Bearish Bat, Share price fell by almost 20% from 303 to 235
The RSI of the company also reached 30 level - Key level for bounce back

After taking support at its previous low that is the W pattern low 1 at 236- 232 zone ( purple rectangle in chart ),
The share has shown a healthy bounce led by the Bullish Kicker and is trading at 254 now.

If it follows the trend of bouncing from EMA 100, one can look for targets at previous Highs of 300 and 317
In a rising market, EMA is a good tool to catch the Dip if price shows a healthy initial bounce.
Stop loss at 230 that is previous low will warrant a reward risk ratio of 5:2

The share fundamentals are strong and has a PEG Ratio of 1.8.
PEG ratio above 1 is generally considered good.
The EPS of the company has been on a rising trend and can be a good long term pick as well.

Thanks for reading!
I am pretty much self taught in Harmonics, so in case I missed something, let me know in the comments.

Note : This is purely for Educational purposes and not to be considered as an Investment Advice.

As rightly pointed by SKLDLPD2010, PEG Ratio below 1 is generally considered fairly or undervalued and hence, right time to enter the stock. PEG Ratio of IEX is 1.8 currently, it is not a matter of great concern right now since the government proposes to introduce MBED reforms soon which will greatly increase the whole market size and hence for the same or less share, IEX will have a high Topline boost.

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