Simple Positional Long/buy trade setup | IEX | short-mid term

2 nov 2021

IEX

I am posting this as one of the follower on twitter requested for it.


Observations:

1) On daily time frame, we can see it took support from 21DMA and closed above it.

21DMA is placed at 733.66 level.
So we can say that immediate support range is 730-733 level range.


Please refer below chart : 1 day Time Frame.


Also if we apply FIB retracement then we can see 755 level is immediate resistance range.
Major support is at 693 level range.

Please refer below chart : 1 day Time Frame.


Major Breakout level is 800 level.
Please refer below chart : 1 day Time Frame.


It will be good bullish only on sustainable breakout of 800 level.

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For Positional trade one can take long trade from CMP with SL of 690 and target of 755-785 and ultimate 800 level.

Once it sustain above 800 level then one can take new fresh long postional trade.

I prefer to not have intraday in this stock, as there are also other stock which are better then this at this moment for intraday.