Technical Pick of the Week #6 - IEX
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Aman Baheti
Price Action Analysis:
The stock is trading between the INR 130-150 zone for the last 3 months. This week, it broke out above the resistance with huge volumes and closed above INR 150. This indicates a bullish trend going forward.
Moving Average:
The stock stabilized above the 20 and 50 EMA for last 10 trading sessions. IEX witnessed a positive momentum with the price deviating ~3% from the 20 EMA.
Bollinger Bands:
The stock trades around the upper band with more than average volumes in the last week. A strong support is seen at INR 145, any dip around that level can be bought
Mool’s Outlook:
We anticipate a target of INR 180 with an upside of 13% in the next 6 months.
Stop Loss should be maintained at INR 145
Incorporated in 2007, Indian Energy Exchange Ltd provides an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity.
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