Introduction:
IRCON
, a leading construction and infrastructure company, is currently trading on the National Stock Exchange (NSE) at INR 58.55. This technical analysis examines the stock's recent price action and provides a trading recommendation based on key technical indicators.
Technical Analysis:
IRCON is trading near the crucial Fibonacci level of 0.618, attempting to break upwards. A bullish crossover has been observed in its Exponential Moving Average (EMA) and Moving Average (MA) indicators, suggesting a potential uptrend in the short term.
Additionally, the Parabolic Stop and Reverse (SAR) indicator is also favoring the bulls, which could signify a continuation of the positive price momentum.
Trading Recommendation:
Based on the above technical analysis, we recommend the following trade:
Entry: Buy IRCON at or above INR 58.55 (current market price)
Target 1: INR 61.30
Target 2: INR 64.20
Stop Loss: INR 55.50
Please monitor the stock for a breach of the Fibonacci level upwards before initiating a long position. The stop-loss order at INR 55.50 aims to protect capital against potential price declines.
Disclaimers and Disclosures:
This analysis is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. The author is a not a technical analyst and not a registered financial advisor. The opinions expressed herein are solely those of the author and do not represent the opinions of the Premium wealth management firm.
Past performance is not indicative of future results. Investing in securities carries risks, including the risk of loss of principal. Investors should conduct their own due diligence and consult with a professional financial advisor before making any investment decisions.
Disclosure: The author may or may not have any positions in the securities mentioned in this analysis at the time of publication.
IRCON
, a leading construction and infrastructure company, is currently trading on the National Stock Exchange (NSE) at INR 58.55. This technical analysis examines the stock's recent price action and provides a trading recommendation based on key technical indicators. Technical Analysis:
IRCON is trading near the crucial Fibonacci level of 0.618, attempting to break upwards. A bullish crossover has been observed in its Exponential Moving Average (EMA) and Moving Average (MA) indicators, suggesting a potential uptrend in the short term.
Additionally, the Parabolic Stop and Reverse (SAR) indicator is also favoring the bulls, which could signify a continuation of the positive price momentum.
Trading Recommendation:
Based on the above technical analysis, we recommend the following trade:
Entry: Buy IRCON at or above INR 58.55 (current market price)
Target 1: INR 61.30
Target 2: INR 64.20
Stop Loss: INR 55.50
Please monitor the stock for a breach of the Fibonacci level upwards before initiating a long position. The stop-loss order at INR 55.50 aims to protect capital against potential price declines.
Disclaimers and Disclosures:
This analysis is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. The author is a not a technical analyst and not a registered financial advisor. The opinions expressed herein are solely those of the author and do not represent the opinions of the Premium wealth management firm.
Past performance is not indicative of future results. Investing in securities carries risks, including the risk of loss of principal. Investors should conduct their own due diligence and consult with a professional financial advisor before making any investment decisions.
Disclosure: The author may or may not have any positions in the securities mentioned in this analysis at the time of publication.
Trade active:
Target 1 Breached
Trade closed: target reached:
Target 2 breached. Phenomenal performance
Trade closed manually