AsimMirzaTrader

IPL - Has it found Support?

Long
ASX:IPL   INCITEC PIVOT LIMITED
IPL has been in a nice uptrend making higher highs and higher lows. It has pulled back at the lower end of the parallel channel and showing signs of supportive price action. We may see a bounce off this support level of $2.20 - $2.35 zone for added confirmation that bulls may be taking over and take it higher. MACD is also about to cross which may be a sign that the selling pressure is coming to an end. Once bullish price action is confirmed, my target would be between $2.50 - $2.60 zone which could be a zone of resistance.

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.