In the previous post shared for IEX stock, I have done Fibonacci retracement analysis over the bull run of IEX to get an idea for further supports and resistance levels. The stock has managed to sustain the peak of the previous rally at 582-583 levels & has been consolidating in the range from 582 to 614. There is also an ascending trend line where the stock is taking support at. Also, we have 2 AVWAPs converging which also suggests that we may see a move in either direction with momentum. My biasedness is on the long side with a strict SL of 540 on a closing basis (as mentioned in the previous post.
Trade closed: target reached:
Update as of 29.09.2021 - T1 has been achieved today. If someone wants to hold the long position, they may hold it with a revised SL of 614 on a closing basis for Target 2 of 660 (as mentioned earlier)