Indian Energy Exchange Ltd. IS consolidating in a penNant pattern in the hourly chart and likely to stay weak until it stays below 145-147 zone.
RSI too facing resistance from 50 levels which suggests probable weakness in the near term.
Keep a watch.
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The analysis done on the charts is based on current data & my personal observations.
All the information...
IEX is crossing its major supply zone in weekly chart. Now strong support @ 150-160 zone.
If it will sustain above 177 then it may test 195-200-210-220.
Indian Energy Exchange has come out of a volatility contraction pattern with 3 contractions over the period of almost 9 months.
The low volume on bounce back of close to 4% from resistance level on 31 August is implying very less supply and more demand.
