IREDA trade set up idea

IREDA (Indian Renewable Energy Development Agency) is currently showing promising technical indicators for traders:
Current Price and Trend
The current stock price is around 218.47 INR, with recent bullish signals indicating potential upside movement124.
Technical Analysis Highlights
Breakout Signals: The stock has broken above a descending trendline, suggesting a potential trend reversal.
EMA Performance: Trading above the 200 EMA (currently at ₹190.05), indicating a shift to a bullish long-term sentiment.
Volume Dynamics: A significant volume spike has accompanied recent price movements, adding credibility to the bullish trend.
Price Targets and Trading Setup
Traders are suggesting the following potential targets:
Positional target of 300 INR
Intermediate targets:
First target: ₹240
Second target: ₹260
Risk Management
Entry point: ₹218 (above breakout candle's high)
Stop Loss: ₹205 (below recent consolidation and EMA 200)4
Additional Observations
The stock is currently down 15-20% from its recent high
RSI is at 62.38, showing strength while remaining below the overbought zone.
Analyst Forecast
One analyst has set a price target of 280.00 INR,
which aligns with the bullish technical indicators observed in the current analysis.
Disclaimer: This analysis is for informational purposes only. Always conduct your own research and consult a financial advisor before making trading decisions.