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Trade Now: IRCON International Ltd. Technical Analysis

2 mins read
9 October 2024

IRCON INTERNATIONAL LTD.

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Technical View

  • The railway stock connotes one of the assumption of technical analysis of history repeats itself.
  • The price action on the daily outlook is currently replicating its previous price pattern.
  • The stock displays a healthy primary uptrend.
  • The price action has entered into a brief consolidation phase following a 707% run-up from June 2022 lows which is a positive sign.
  • This potentially indicates addition of smart money participation to bolster its primary uptrend.
  • The latter half of the ongoing consolidation comes with a higher high and higher low structure along with signs of momentum spark. This indicates that the intermediate trend is garnering strength.
  • The price action has immediate support at its 50 daily MA and 20 weekly MA.
  • The 50 period volatility on the daily outlook trades at its lower levels diminishing the probability of unruly moves.
  • IRCON is showing improving EPS strength, high relative strength compared to the 50 index and buyers’ demand.
  • We recommend to buy IRCON from CMP-269 for the target of 321 with a protective stop at 248.
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