Bullish Breakout on Indian Renewable Energy Ltd
The stock of Indian Renewable Energy (NSE: INDIANRE) is showing strong bullish momentum, with a breakout above the descending trendline that has been acting as resistance for several weeks.
Key observations:
Trade Setup:
Risk-Reward: This setup provides a favorable risk-reward ratio, with the potential to capitalize on the bullish momentum.
Disclaimer: This is for educational purposes only. Conduct your own research or consult a financial advisor before making trading decisions.
Key observations:
- Trendline Breakout: The price has successfully closed above the descending trendline, signaling a potential trend reversal.
- EMA Support: The stock is trading above the 200 EMA (currently at ₹190.05), confirming a shift in long-term sentiment to bullish.
- Volume Spike: A significant increase in trading volume accompanied the breakout, adding credibility to the move.
- RSI Momentum: The RSI is currently at 62.38, showing strength but still below the overbought zone, leaving room for further upside.
Trade Setup:
- Entry: ₹218 (above the breakout candle's high for confirmation)
- Stop Loss: ₹205 (below recent consolidation and EMA 200)
- Target 1: ₹240 (prior resistance level)
- Target 2: ₹260 (next major resistance zone)
Risk-Reward: This setup provides a favorable risk-reward ratio, with the potential to capitalize on the bullish momentum.
Disclaimer: This is for educational purposes only. Conduct your own research or consult a financial advisor before making trading decisions.
Aviso legal
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