IGL seems to be forming a Bearish Inverse Head and Shoulders Pattern in the Daily charts with Neckline support at 295 and Shoulder resistance at 330 above which pattern is negated. Pattern Target at 240 in the short to medium term.
Maruti declined sharply after it failed to sustain a bull flag breakout. Similar pattern observed on IGL.
BULLISH BAT POSITIONAL CALL BUY IGL 297 SL 290 TARGET 310/320 CMP 297.45 ACTIVE CALL DATE : 06-07-2019
IGL is channel bound in downward trend. If channel is tested, buy at high of green candle breaking upper channel Sell at low of red candle breaking the lower channel
IGL bearish reversal level are 204 and 216, chances are more go bearish at these levels
The stock personality is 20D EMA. The short term EMA's tend to bunch and flare forming a new higher high. Buy - 326 - 328 CBSL - 301 Target - 375 RR - 1:2