Swing Trading Idea for IRFC Based on Inverted Head and Shoulders

History & Context:

• Previous Decline: IRFC has fallen from its top of 227 to its bottom of 108, representing a 53% decline.
  
• Recovery: The stock has recovered 17% from its bottom, indicating some strength.
  
• Inverted Head and Shoulders: Over the past 22 days, the stock has formed an Inverted Head and Shoulders pattern, which typically signals accumulation at lower levels and potential reversal.
  
• Pattern Identification: The chart shows an Inverted Head and Shoulders pattern, suggesting a potential reversal from a downtrend to an uptrend.
  

• Breakout Point: The neckline is identified around 127.28, and a breakout above this level could confirm the pattern, signaling further upward movement.
  
• Price Target: The projected target based on the Inverted Head and Shoulders pattern is around 150.50, which aligns with the 61.8% retracement level.
  
• Stop Loss: A stop loss can be set below the right shoulder at 125.42, protecting against a potential reversal.
  

Trade Setup:

• Entry Point: Buy around 127.28 (Breakout of the neckline).
  
• Target Price: 150.50 (around 20% potential gain).
  
• Stop Loss: 125.42 (below the right shoulder).
  

Disclaimer: This is not financial advice and is for educational purposes only. Trading stocks involves risk, and you should carefully consider your risk tolerance and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.