It is been observed on the daily chart that the price action breaks and closes above the downward trending line, indicating a bullish move ahead. On the chart, point X and Point A marked to calculate 61.8 retracement target.
First of all, taking lessons from history, some similar sort of pattern/retracement took place. Here, I have tried to match the fibonacci pattern that was evolved in 2008 with present pattern. In 2008, reversal was shown right at 0.6%. So, in present pattern 0.6% shows 8186. This 0.6% retracement level is very much important for future course of action. This level...
IDEA has been correcting since a long time and looks like the correction is Potentially Over.. I am taking an Early Action on it with a small stoploss around 63 levels and Targets around 120. There is Bullish MACD Divergence on the chart and the last candle is bullish one to give some support for the prediction.
It is been observed that the price action is trending down on daily chart. Now, the price action is breaking out from a Descending Triangle, indicating bearishness and selling pressure.
Target 2: 78.50
On weekly chart, it is observed that the price action breaks out of crucial support level of 82 which signals further bearishness in the price action and the prices shall move further down to 70 levels where the next support located.
Good time to Short Idea Sir Ji
The level of IDEA is very crucial here. One can buy from here and add at the level of 70 with the target of double in 2-3 months. The company is working very effectively. The financials are strong to take the company above.
Initial target of 122 can be achieved very fast.
RSI of the company is very low ie. only 18 which is good sign.
The price action is been trading within a triangle formation and today we could see a clear breakout from that it may now go upto 97 levels to fill up the previous gap on daily as well as on hourly charts