simple possible long breakout in IIFL FINANCE LTD.
Since March 2021 IIFL finance has been consolidating in its daily timeframe. In the last week of December it had touched 200 ema and bounced back, showing that stock has completed its correction in daily timeframe and also it has contracted all the moving averages. Stock is ready to give fresh breakout if stock fails to give breakout than price action may move towards correction in weekly timeframe and that will lead to braking of 200 ema of Daily timeframe.
IIFLWhen we look at its patterns stock is forming cup and handle pattern since approximately 11 months. currently it is trading above its handle trendlines and black support line. Any daily closing above 340 rupees in daily timeframe will give us confirmation of long position with initial target of approximately 430 rupees.NSE:IIFL
when we look at long term target stock has potential to go upto levels of 550 - 570 rupees.
When we look at fundamentals of company, there has been continuous rise in EPS and company has almost reached its pre-pandemic levels.
IIFLWhen we look at its patterns stock is forming cup and handle pattern since approximately 11 months. currently it is trading above its handle trendlines and black support line. Any daily closing above 340 rupees in daily timeframe will give us confirmation of long position with initial target of approximately 430 rupees.NSE:IIFLwhen we look at long term target stock has potential to go upto levels of 550 - 570 rupees.
When we look at fundamentals of company, there has been continuous rise in EPS and company has almost reached its pre-pandemic levels.
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