IEX Wedge Formation: Ready for breakout

Indian Power and Energy sector is in a bull run of its own and we are seeing several stocks in this sector that are performing well. IEX also looks really good with a wedge formation. Wedges are essentially neutral patterns made up of a resistance and a support line. Breakout on either side should enable you to take a position. Since this particular stock and the sector overall has been in a big bull run, I believe that IEX can breakout on the higher side as the wedge is getting squeezed.