India Bulls Real Estate Ltd:- IBREALEST in NSE cash CMP 229.25 on close after gaining 3.62% in today’s trade. The stock price is trending in a long-term uptrend. The price action in the stock has a long consolidation forms a continuation triangle pattern on the daily chart and breaks out of its upper triangle resistance line in today’s day trading session.
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The stock price on close hold above the upper resistance line of the triangle Whereas RSI holds stands at 61.30. The stock price is also closed above the short and medium term moving average of 20 and 50 days on the daily chart and the ADX signals at 11.88 currently.
The stock price hold the uptrend momentum back from the 50% retracement of the previous uptrend.
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BOTTOM LINE:- Trading strategy for traders and Investors , The stock price broke the resistance line with the spurt in the volume and if continue to hold above it may trend up to 239/255/280 level in the short run with keeping the stop loss below 210 level in the downside.