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INDIAN ENERGY EXCHANGE LTD

2 mins read
9 October 2024

INDIAN ENERGY EXCHANGE LTD.

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Technical View

  • The price of IEX has encountered considerable selling pressure following a 700% surge from the March 2020 lows.
  • Subsequently, the stock experienced a 60% decline before demonstrating a phase of stabilization, indicative of entering stage 1 of the stock cycle.
  • The stock showcased an extended consolidation period, effectively limiting downturns and progressively reinforcing the trend, signalling a departure from downward pressure exerted by disenchanted stakeholders.
  • Notably, the stock recently executed its initial breakout from its base into a more dynamic stage, reflecting a favorable development.
  • Furthermore, it has displayed improved earnings per share (EPS) and price strength, alongside robust buyer demand.
  • The Relative Strength Index (RSI) readings for daily and higher timeframes are notably trading substantially above their median levels, underscoring the momentum in price.
  • Considering the stock’s offering of a low-risk, high-reward opportunity, we advocate for acquiring IEX within the 194-189 range with a target price of 245, while using a stop loss at 178 to manage risk.
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