INDIAN ENERGY EXCHANGE ( IEX )

11 Des 2021

IEX has given Breakout from (0) and (B) trendline with good intensity of volume in daily time frame, Wave structure is also suggesting impulse move ahead, Now wave 4 has seen a long consolidation and we may be ready for wave 5, as wave 5 unfolds we may go towards 350 and 380 plus areas, All other indicators like macd, rsi, dmi adx, bollinger band, and stochastic are also suggesting positive trend ahead, One can go long at current levels or in dips (if any) with mentioned stop loss for mentioned targets on chart.

Wave structure could be like this

Breakout with good intensity of volume

key levels are mentioned on chart along with stop loss and targets

Volume decreased in corrective phase

MACD in weekly running in positive and now uptick that too above zero line

MACD in daily positive crossover and now uptick that too above zero line

rsi uptick and above 60 and 70 in daily time frame

upper bollinger challenged in daily time frame

dmi adx positive ungali setup in daily


Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
I am not responsible for your profits and losses