Is the struggle for Iex over?As seen on the Chart Iex had been struggling to remove its resistance around 150 zone for a long time.
Recently This stock has successfully removed the price resistance zone with a loud move and post that the price has been sideways creating a flag pattern.
Historically this stock has faced resistance on 66 RSI Level and as seen on the chart currently also we haven't moved above the RSI resistance.
A breakout from the flag pattern may be a multifold breakout.
a) Resistance breakout will get confirmed
b) Flag Pattern breakout
c) RSI resistance Breakout
We can also see the fall from 17th March 2023 to 28th March 2023 took 8 trading days.
similarly, the rise from 29th March 2023 to 11th April 2023 took 7 trading days.
This shows the bulls are back in the stock with ammunition loaded.
One must wait for the stock to breakout from the mentioned resistance and then keep a stoploss below 152 for target of 175.
THE ABOVE VIEW IS ONLY FOR EDUCATIONAL PURPOSE. ONE MUST CONSULT THEIR FINANCIAL ADVISOR AND TRADE WITH THEIR OW RESPONSIBILITY.
Analyst
Abhay Bhatia
