IIFL Securities has given a ascending triangle pattern breakout with breaking its all time high price of 65.5 on weekly chart. CMP : 75.85 Target : No Target, Let your profits run as long as your trailing stop isn't hit. Trailing Stop : 60.5 (10 weeks EMA), will go up every week.
Merits: 1. Ascending Triangle Pattern Breakout 2. Weekly closing above "All time high" 3. Increase in volume by 10 times (Crosses ATH with a weekly volume of 22mn as against an average of 2mn per week).
iifl was it a pump n dump .now it has formed double top on daily chart .will it go more down
Jatinmehta19901
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@Neo_Reloaded, I doubt that. While stock has made a range between 81 and 71 but if you see volume is very less during the last couple of weeks. Looks like transfer of shares from week hands to strong hands. Stock is reversed from its 20 day ema today. I took the call on this stock on weekly analysis so hence I keep my stop loss at 10 weeks ema and unless its hits my stop, everything else is noise for me. So I think we should give it some more time.
What do you think?
Neo_Reloaded
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@Jatinmehta19901, yup sounds good. i read news the company insider were selling shares when it was around 60. not sure about now. yeah let's hold n see
Jatinmehta19901
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@Neo_Reloaded, doesn't matter what people are thinking. Price and volume tells you everything. Yes lets hold and see :)
Jatinmehta19901
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@Neo_Reloaded, I hope you are still holding this stock. :)