IREDA - Volume Surge Near Breakout Zone

Indian Renewable Energy Development Agency Ltd – Volume Surge Near Breakout Zone

IREDA

📈 Pattern & Setup:

IREDA is showing signs of strength after weeks of consolidation. The stock has been moving inside a descending channel, and now it’s testing the upper trendline with a strong green candle backed by a clear volume spike — a sign that buyers are returning aggressively.

The repeated shakeouts near 145–148 have absorbed selling pressure, while today’s move above 152–153 levels indicates growing momentum. A breakout above 156–158 with follow-through could lead to a sharp upside toward 175+.

📝 Trade Plan:

✍Entry: Above 158 (breakout confirmation)

🚩Stop-Loss: 148 (below the recent low)

🎯Targets:

Target 1 → 168
Target 2 → 176 (13% potential move)

💡 Pyramiding Strategy:

1. Enter with 60% position above 158
2. Add 40% more once it sustains above 162 with strong volume
3. Trail stop-loss to 152 after price crosses 166

🧠 Logic Behind Selecting this Trade:

The price action indicates a potential trend reversal setup forming after multiple shakeouts and low-volume pullbacks. The surge in volume seen today is the first real confirmation of accumulation. If the breakout follows through, the structure could transform into a broader trend continuation pattern.

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🔴Disclaimer:

This analysis is for educational purposes only. Not a buy/sell recommendation. Please do your own research or consult your financial advisor before trading.