IREDA trade set up idea
IREDA (Indian Renewable Energy Development Agency) is currently showing promising technical indicators for traders:
Current Price and Trend
The current stock price is around 218.47 INR, with recent bullish signals indicating potential upside movement124.
Technical Analysis Highlights
Breakout Signals: The stock has broken above a descending trendline, suggesting a potential trend reversal.
EMA Performance: Trading above the 200 EMA (currently at ₹190.05), indicating a shift to a bullish long-term sentiment.
Volume Dynamics: A significant volume spike has accompanied recent price movements, adding credibility to the bullish trend.
Price Targets and Trading Setup
Traders are suggesting the following potential targets:
Positional target of 300 INR
Intermediate targets:
First target: ₹240
Second target: ₹260
Risk Management
Entry point: ₹218 (above breakout candle's high)
Stop Loss: ₹205 (below recent consolidation and EMA 200)4
Additional Observations
The stock is currently down 15-20% from its recent high
RSI is at 62.38, showing strength while remaining below the overbought zone.
Analyst Forecast
One analyst has set a price target of 280.00 INR,
which aligns with the bullish technical indicators observed in the current analysis.
Disclaimer: This analysis is for informational purposes only. Always conduct your own research and consult a financial advisor before making trading decisions.
Current Price and Trend
The current stock price is around 218.47 INR, with recent bullish signals indicating potential upside movement124.
Technical Analysis Highlights
Breakout Signals: The stock has broken above a descending trendline, suggesting a potential trend reversal.
EMA Performance: Trading above the 200 EMA (currently at ₹190.05), indicating a shift to a bullish long-term sentiment.
Volume Dynamics: A significant volume spike has accompanied recent price movements, adding credibility to the bullish trend.
Price Targets and Trading Setup
Traders are suggesting the following potential targets:
Positional target of 300 INR
Intermediate targets:
First target: ₹240
Second target: ₹260
Risk Management
Entry point: ₹218 (above breakout candle's high)
Stop Loss: ₹205 (below recent consolidation and EMA 200)4
Additional Observations
The stock is currently down 15-20% from its recent high
RSI is at 62.38, showing strength while remaining below the overbought zone.
Analyst Forecast
One analyst has set a price target of 280.00 INR,
which aligns with the bullish technical indicators observed in the current analysis.
Disclaimer: This analysis is for informational purposes only. Always conduct your own research and consult a financial advisor before making trading decisions.
Disclaimer
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