IEX is looking good to short
Technical reasons for the trade
1. The stock is resisting and taking support from the trendlines which are in color
2. The stock took support from a red trendline 2 times now it is trading near that trend line so it might break it and also it is trading near its 200ema so this might also be broken.
3. The stock formed a bearish flag pattern and recently it had given a breakout.
Fundamental reasons
1. Due to the US market crash we could expect a small correction in the upcoming days.
2. Due to LIC IPO the market will see a sell-off.
3. The recent results of the stock are also bad so there is a bad sentiment in the market.
So, we must short it when it breaks it 200ema and the pattern height could be taken as a target.
Technical reasons for the trade
1. The stock is resisting and taking support from the trendlines which are in color
2. The stock took support from a red trendline 2 times now it is trading near that trend line so it might break it and also it is trading near its 200ema so this might also be broken.
3. The stock formed a bearish flag pattern and recently it had given a breakout.
Fundamental reasons
1. Due to the US market crash we could expect a small correction in the upcoming days.
2. Due to LIC IPO the market will see a sell-off.
3. The recent results of the stock are also bad so there is a bad sentiment in the market.
So, we must short it when it breaks it 200ema and the pattern height could be taken as a target.