Long
IIFLWAM - price action analysis
Updated
NSE:IIFLWAM tried to breakout above 1712 but faced strong resistance and resulted in a false break. Yesterday it gave confirmation of trend reversal. 1712 is a key resistance level to watch. It has tested it two times while making higher lows (see trend line). It is also in a ttm squeeze with increasing momentum which indicates that it could give big move soon. Channel support could be a nice entry point from risk:reward perspective. If price would come down to 1588-1589 on the trend line support, you'll have 1:1.8 risk:reward ratio with SL at 1521 and target at 1712. If it hits 1712 while showing strength, you can book 50% profit and stay in the game for breakout, you can set your SL to initial entry price.
Disclosure: I am not a financial advisor, my analysis is purely for educational purpose.
Disclosure: I am not a financial advisor, my analysis is purely for educational purpose.
Note
Didn't come to my support level and reversed pretty early. Showing strength and ready for breakout with good volume.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.