IREDA :High Voltage Drama

IREDA Analysis (20th Dec 2024)

The chart showcases a Bullish Flag Breakout, a golden retracement zone, and defined targets. Let’s analyze actionable insights and strategies.

Current Structure:

1. [] The stock has broken out from a bullish flag pattern, indicating a strong uptrend.
   [] Retracement to the green zone (191-204) is likely before continuing its rally.
   [] The first target zone is 243-248, with an extended target at 278.
   [] A stop-loss at 186 is set below the golden retracement zone.
   

Action Plan:

1. []Buying Opportunity: Enter between 191-204 (retracement zone). This level aligns with Fibonacci retracement and prior resistance turned support.
   []Targets: Partial profit booking near 243-248. Trail stop-loss to 220 for a move towards the extended target at 278.
   
2. Stop Loss: Place below 186 to limit downside risk.
   

Risk-Reward Ratio: Buying at 200 with targets at 243 and 278 offers a strong risk-reward of approximately 1:4.

Key Educational Note:

The breakout from a bullish flag pattern signifies continuation. Retracements are opportunities to enter the trend with limited risk.

Disclaimer: This analysis is for educational purposes only. Always verify with a certified financial advisor. Like and share to support!