Trade Idea: Long Position in Interloop Limited (ILP)
1. Context and Overview:
Stock: Interloop Limited (ILP)
Technical Analysis Approach: We’ll examine key price levels, patterns, and recent changes in character.
2. Technical Analysis:
FVG (Fair Value Gap) Region:
The price is currently tapping into the FVG region, which spans from 69.71 to 71.18.
FVG acts as potential support, suggesting a bounce-back opportunity.
Order Block (OB) Region:
The price is entering the OB region, ranging from 66.77 to 71.19.
OB regions often indicate significant accumulation or distribution.
Change of Character (CHoCH):
Recent price behavior shows a potential change in character.
If the price bounces back, it could signal a bullish reversal.
3. Trade Setup:
Entry Point: Look for confirmation of price bouncing back within the OB region.
Profit Target: Aim for a price target of 77.
Note: This level is considered weak high levels, so monitor closely.
Stop Loss (SL): Set SL at 71.2 (critical accumulation point).
4. Rationale:
The combination of FVG support, OB entry, and CHoCH suggests a favorable setup.
The next earnings announcement on Wed, May 9, 2024, could drive price movement.
5. Conclusion:
Consider a long trade in ILP if conditions align.
Monitor price action and adjust your position as needed.
Remember to manage risk and stay informed about market developments. Happy trading! 📈🔍
1. Context and Overview:
Stock: Interloop Limited (ILP)
Technical Analysis Approach: We’ll examine key price levels, patterns, and recent changes in character.
2. Technical Analysis:
FVG (Fair Value Gap) Region:
The price is currently tapping into the FVG region, which spans from 69.71 to 71.18.
FVG acts as potential support, suggesting a bounce-back opportunity.
Order Block (OB) Region:
The price is entering the OB region, ranging from 66.77 to 71.19.
OB regions often indicate significant accumulation or distribution.
Change of Character (CHoCH):
Recent price behavior shows a potential change in character.
If the price bounces back, it could signal a bullish reversal.
3. Trade Setup:
Entry Point: Look for confirmation of price bouncing back within the OB region.
Profit Target: Aim for a price target of 77.
Note: This level is considered weak high levels, so monitor closely.
Stop Loss (SL): Set SL at 71.2 (critical accumulation point).
4. Rationale:
The combination of FVG support, OB entry, and CHoCH suggests a favorable setup.
The next earnings announcement on Wed, May 9, 2024, could drive price movement.
5. Conclusion:
Consider a long trade in ILP if conditions align.
Monitor price action and adjust your position as needed.
Remember to manage risk and stay informed about market developments. Happy trading! 📈🔍