IGL is looking good for a break out trade as it has been forming an inverted head and shoulder pattern and consolidating near the break out levels.
On the daily time frame, the stock has given a lower wick rejection after testing 20 DMA.
The stock on the weekly time frame has given a bullish moving averages cross over and good targets can be booked in the stock after the break out of the pattern.
3 point confirmation.
1. Consolidation near break out level.
2. Bullish moving averages crossover on weekly time frame.
3. Retest of 20 DMA level.
The markets are in a bull run and the stock can follow the trend once it starts trading above 446 levels.
Targets :- 471, 510
Stop loss :- 438
Wait for the price action near the levels before entering the trade. Intraday and swing trades can be initiated in the stock once the level 446 is crossed convincingly.
On the daily time frame, the stock has given a lower wick rejection after testing 20 DMA.
The stock on the weekly time frame has given a bullish moving averages cross over and good targets can be booked in the stock after the break out of the pattern.
3 point confirmation.
1. Consolidation near break out level.
2. Bullish moving averages crossover on weekly time frame.
3. Retest of 20 DMA level.
The markets are in a bull run and the stock can follow the trend once it starts trading above 446 levels.
Targets :- 471, 510
Stop loss :- 438
Wait for the price action near the levels before entering the trade. Intraday and swing trades can be initiated in the stock once the level 446 is crossed convincingly.
