IRB INFRASTRUCTURE
- As per previous report published on IRB INFRA, stock gave a sharp bull move after closing above its resistance @ 220, after that stock made a high around 275 in just 10 trading days. (Click here to see previous report published on IRB INFRA).
- Now as per Technical analysis chart no1, IRB indicates that its has formed triangle formation in daily chart, sharp bulls move can be seen for next few trading days once stock closes and stays above its trend line resistance around 275.50.
- Day trading tips equity - Close watch once stock starts trading above 275.50 during trading hours, if holds above 275.50 then intraday bulls action is expecting.
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- As per graph no2, stock is moving up from 50 DMA, as long as holds above 50 DMA stock will be favored by bull, once close below 50 DMA then IRB will show first sign of weakness. Close Watch.
- Suggested Reading - OBC trying to break its down channel formation, close watch bull may get active in OBC.
- If IRB moves up from current levels and closes above 275.50 then stock will find next strong resistance around 305 its 161.8% fibonacci retracement as shown in chart no3.
- Monthly chart indicates that last month stock had formed doji, usually doji candle stick formation indicates change in trend and with sharp movement. So far not witnessed change in trend rather continuation of bull trend ... so sharp bullish move can be seen in IRB as per technical studies. Close Watch.
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