INDIGO- Trade set up idea 💡
Breakout of trendline with retracement on daily chart
CMP 2040
Resistance 2065
TGT 2080-2280-2380
Sl at 1960 for short term and 1890 for long term
Can be a confirm trade above 2100
Note : Not a recommendation but just a idea 💡 can be a profitable trade .. do your own research and analysis before investing
Currently following "Channel Pattern", got multiple rejection at the resistance level. If the trendline breaks, it can reach the bottom level of the channel.
Picked the stock from StockEdge sector rotation.
Uptrend from August 2020 to Nov 2021.
Then formed a Falling Wedge with W pattern.
Second bottom lower than first bottom.
Buy was triggered on 1st August 2022. But it was a long bar.
Formed a cup from August to January 2023
Price now 5.4% away from 9 Week moving average for a target 14 % to 20%.
Risk to reward...
Indigo on the verge of breaking out of flag pattern on 30 min TF with decent volumes.
Could be bought here or above 2120 with mentioned stoploss & target.
Strong resistance of 2085 level has broken today and stock closed today at 2107....Cup Pattern formation made from Aug.2022 which was broken today and stock coming in new territory....stock will going upside by 2172,2200 levels....
( INDIGO ) Interglobal Aviation may be can go up after long sideways zone and the target price will be 2,101 🎯
Note : This is just for Backtesting and Educational Purpose Only.
NSE: INDIGO is closing with a strong bullish consolidation candle supported with volumes
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been consolidating for the past few days which is indicating demand.
One can look for a 8% to 11% gain on deployed capital in...
Price action is best way to understand the chart and RSI and STOCH help to confirm the trend . RSI show the speed of trend and STOCH show the over bought and over sold zone,
