IGL | Gann Analysis

Updated
IGL | Gann Analysis

  • The stock has been trading mostly between 496 and 529 levels since the 18-Feb-2021 top | On 14-May-2021, it closed at the juncture of Cube number 512 (8 x 8 x 8 = 512) and trend line support (dotted pink) | A potential action zone

  • Gann level 529 appears to be a very strong resistance | Price is constantly getting rejected from this level | Price broke above trend line resistance (dotted pink) twice however could not sustain above 529 level

  • 17-May-2021 and 20-May-2021 are important Gann dates for IGL in the coming week | Could be potential trend change dates

  • Another important support (not shown in this chart) is placed at 501 | Its the LOW of the first month of the year 2021 | Price has mostly traded above 501 since 01-01-2021 baring few trading sessions | Also it is an important Gann Circle projection from the top of 594.85 made on 18-Feb-2021

  • Support : 501 / 496 / 485 / 474 / 463 / 452

  • Resistance : 529 / 541 / 553 / 565 / 577




Color codes:

  • Cube Level : BLACK
  • 45 Degree Gann Level : BLUE
  • 90 Degree Gann Level : ORANGE
  • 135 Degree Gann Level : LIME
  • 180 Degree Gann Level : RED
Note
Trading between Gann Levels 507 and 518 and of course the Cube 512!
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