IEX ROUNDING BOTTOM BREAKOUT AFTER CONSOLIDATION OF 24 MONTHS

Indian Energy Exchange Ltd. an interesting chart to keep on radar with following

1. Rounding Bottom pattern breakout on weekly chart
2. Breakout after a long consolidation of 24 months with rising volume
3. Can be a good risk reward with buy near breakout test zone i.e. 166 as major support exist between 155-170 zone being multiple moving averages support area.

FUNDAMENTALS:

Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 40.3%
Company has been maintaining a healthy dividend payout of 51.7%

CAUTION:
RSI on monthly is struggling to cross above 60, which can cause resistance
Lets See How it Evolves.

Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.