ISL is currently trading within a parallel channel, as illustrated on the accompanying chart. The price has demonstrated a tendency to reverse upon testing either side of the channel. At present, the price is approaching the lower boundary of the channel, approximately at 74, which also aligns with the 200-day Exponential Moving Average (EMA). Several indicators suggest that a bullish reversal may be imminent, presenting a significant buying opportunity.
The initial target for this trade is set at 70.70, where previous rejection has been observed. Should the price break and sustain above this level, the next target is approximately 89.80. Furthermore, the upper boundary of the channel is around 95, which represents a potential swing trade setup requiring additional confirmation to achieve this target.
A stop loss should be placed at 66, marking a break below the channel. Please manage your trade accordingly.
The initial target for this trade is set at 70.70, where previous rejection has been observed. Should the price break and sustain above this level, the next target is approximately 89.80. Furthermore, the upper boundary of the channel is around 95, which represents a potential swing trade setup requiring additional confirmation to achieve this target.
A stop loss should be placed at 66, marking a break below the channel. Please manage your trade accordingly.
Note
Correction: Initial Target is 79.70 (instead of 70.70) 🙏🙏Trade active
ISL hit entry point
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.