IEX
share price made a high of 181.25 on Thursday,13th June, a 4%
increase. The stock hit nearly 10% in the last five trading days.
As per weekly chart, IEX
has made a breakout of 160-170 level and it has been maintaining a higher high
and higher low pattern after a consolidation since June, 2023 taking support at
120 level.
As of now, the trend
of IEX is positive and the stock has entered in the bullish zone breaking
out its range as we can see from the weekly chart. At the same time, the volume
also has increased significantly.
The RSI on daily chart
is 69 and on weekly chart is 65 indicating high momentum in the stock. This
momentum can push the stock upto 200 level in short term.
Today, the stock gave
a closing at 178.25 making a 52 week high of 181.75.We may see the stock coming
at its breakout level to retest the level around 160-170 , which would be the
best time and best spot to buy the stock. So buy on dips will work in this
stock. The stop loss should be below 150 level on weekly closing basis.
If we look at the
monthly chart of IEX, we can clearly see that this month's candle is taking
over the previous six months' candles which is a bullish sign and indicating
the buyers are mostly active in the stock currently. The short to medium target
may be 210 to 220.As per monthly chart it can touch 270 to 280 level which is
the strong resistance of IEX.
Profit of IEX in FY 2024 jumped to
RS.350.8 crore from RS.305.9 crore in the previous year. Revenue soared to
16.2% to RS 550.8 crore. The company has announced a dividend of Rs.1.50
for the current year,150% of the face value of equity shares.
Indian energy exchange or IEX is providing a
nation wide automated trading platform for physical delivery of electricity. IEX
is a good company for long term investment perspective.
Disclaimer: The information provided on MoneyWiseMind is for educational and informational purposes only. It is not intended to be financial advice, and you should not rely on it as such. Before making any financial decisions, you should consult a licensed financial advisor.
