IGL | Gann Analysis
Color codes:
- 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
Comment:
Trading between Gann Levels 507 and 518 and of course the Cube 512!