IRCON: Massive Move by Combining Rounding Bottom with MACD
May 08, 2023
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It is possible to capture massive moves in stocks using price patterns along with simple indicators like MACD (Moving Average Convergence Divergence). Check out how we selected IRCON which has rallied more than 29%
We published the following research on IRCON pre-market on 26th April 2023 in "The Financial Waves Short Term Update” which our subscribers receive pre-market every day.
IRCON Weekly chart (As on 26th April 2023)
IRCON Weekly chart (Happened as on 8th May 2023)
Wave analysis (As on 26th April 2023):
IRCON has been moving higher recently and intact in strong uptrend. In the previous session it closed with a gain of 3.10%.
On the weekly chart, in the previous session prices formed a bearish candle. A weekly close above 66.80 will confirm breakout of rounding bottom pattern. MACD is above 0 and MACD line crossed above the MACD signal line which indicates that bullish momentum has increased in this stock and may continue in the coming session.
In short, trend for this stock is positive. Use dips towards 68-69 as a buying opportunity for a move towards 76-77 levels as long as 66 holds on the downside.
Happened
The stock moved as we expected. IRCON have given breakout of Rounding Bottom with huge volume which was a bullish sign. After a dip, prices showed a sharp rise and achieved our target and moved way above it and made a life time high near 89.5 levels which is more than 29% in 5 days of span.
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