Support on Weekly Chart:
The weekly chart indicates that IRISDOREME has found support on the rising trendline. This suggests a potential area where buyers are entering the market, indicating a positive technical signal.
RSI Divergence:
The Relative Strength Index (RSI) is showing divergence. Divergence occurs when the price and the RSI indicator move in opposite directions, potentially signaling a reversal or significant price movement.
Proposed Trade Strategy:
Entry: Consider entering a long position at the current market price (CMP) of 79, taking advantage of the observed support on the rising trendline and the RSI divergence.
Stop Loss (SL): Implement a stop loss at 69 to manage risk and protect against unexpected price swings.
Target: Set a target at 89, aiming for potential gains based on the identified technical factors.
Conclusion:
The technical analysis suggests a potential bullish opportunity for IRISDOREME, with support found on the rising trendline and RSI divergence indicating possible strength in the upward move. However, it's crucial to conduct further research, consider overall market conditions, and apply risk management strategies before making any trading decisions.
As with any investment, there are risks involved, and it's advisable to seek advice from a financial advisor or conduct thorough research based on your risk tolerance and investment goals.
The weekly chart indicates that IRISDOREME has found support on the rising trendline. This suggests a potential area where buyers are entering the market, indicating a positive technical signal.
RSI Divergence:
The Relative Strength Index (RSI) is showing divergence. Divergence occurs when the price and the RSI indicator move in opposite directions, potentially signaling a reversal or significant price movement.
Proposed Trade Strategy:
Entry: Consider entering a long position at the current market price (CMP) of 79, taking advantage of the observed support on the rising trendline and the RSI divergence.
Stop Loss (SL): Implement a stop loss at 69 to manage risk and protect against unexpected price swings.
Target: Set a target at 89, aiming for potential gains based on the identified technical factors.
Conclusion:
The technical analysis suggests a potential bullish opportunity for IRISDOREME, with support found on the rising trendline and RSI divergence indicating possible strength in the upward move. However, it's crucial to conduct further research, consider overall market conditions, and apply risk management strategies before making any trading decisions.
As with any investment, there are risks involved, and it's advisable to seek advice from a financial advisor or conduct thorough research based on your risk tolerance and investment goals.
Comment:
Made a high of 82.7 today.
Trade closed: target reached