Trading Idea on IREDA with Fibonacci Extension

Apr 6

IREDA

Drawing Fibonacci Retracement and Extension of recent High near 215 and Low near 121, stock is trading below 0.618 retracement level. Stock has potential to touch All Time High level if crosses above 178 and maintain to trade above 178 level on weekly closing basis.

Stock has potential to go 270 level if crosses ATH level on the weekly close basis.

Trailing Stop Loss near 0.382 retracement level i.e. around 155.

Apr 16

Note

Could not break Fibonacci 0.618 retracement resistance level around 180 and find support near 0.318 retracement level around 157

May 5

Note

Closed above 178 on weekly close basis and next target is 215.