Russian Energy Sector play for Q4'23-Q1'24
IRAO has very nice wave pattern and proper reaction to every relevant zone of support and resistance measured by fibonacci levels.
It is yet hard to be sure that corrective wave iv has ended and the price is already on its wave to higher resistance zone, but on cannot fully negate this either.
Trading thesis: Until price is bellow Sep's high 4.65, move deeper into support zone 4.24-4 is possible. If price manages, to move decisively above 4.55 and 4.65 with volume confirmation, longs with 3-5-7% staggered stops are strategy that I may utilise, expecting the price to move at least to 4.90-5.25 target resistance zone.
It is yet hard to be sure that corrective wave iv has ended and the price is already on its wave to higher resistance zone, but on cannot fully negate this either.
Trading thesis: Until price is bellow Sep's high 4.65, move deeper into support zone 4.24-4 is possible. If price manages, to move decisively above 4.55 and 4.65 with volume confirmation, longs with 3-5-7% staggered stops are strategy that I may utilise, expecting the price to move at least to 4.90-5.25 target resistance zone.
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