AbhishekHSinghCMT
Long

IGL- Can attract you to bulls camp 940-960- Be careful?

NSE:IGL   INDRAPRASTHA GAS
314 9 7
Running late in the bulls camp shall not make one happy as indices are posed for correction in coming days in early 2017 so keeping that in mind, IGL             is no different than others & It has been close to finish its blue wave-3 in the zone 940-960 where it travels 200% of its respective wave-1 & can over shoot as well, but be careful when you see this stock getting rejected at the specified zone-that could put the same under pressure & in that case it will attempt to fall in the zone 775-800 in coming months where blue -wave 4 shall retrace 38.2% of the rise from July2015 lows@490

Intraday going above current high@926- one can get 10-15 bucks above- be careful to book profits in the session.
Trade active: 06:32 Hrs 28th Dec2016

Last Price@891

Running late in the bulls camp--as suggested above. IGL falls from 926 highs to 861 lows & bounces back -Looking for resistance zone 900-910
Hitting in that zone & falling below 900 & sustaining below that can be taken as selling opportunity with the day's high as stops Target zone could be 800-820 zone but make sure it holds below 900 in coming sessions
Trade active: 23:54 Hrs 31st Dec2016

Last Price@918

Going Above High@926 likely there could be a push in the zone 950-960 zone.
Trade active: 14:25 Hrs 3rd Jan2016

Last Price@938

Crossed 926 --- Happy New Year 2017
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
I am short on IGL at 930 ,... Could you please advise should I exit or hold position?
Reply
@danishsq, Buddy, you entered on the wrong side. Even though we are in last upside leg what I see as 3rd wave, but can't be sure till what levels it will end upside- I have a range of 950-960. Going below 910-900 is the first clue which indicates that a top is in place or market should give some reversal indication.
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danishsq AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks Abhishek, I will hold on to position this week, on monthly chart the stock is overbought since long time. Hopefully this week it will reverse
Reply
@danishsq, Overbought is tricky word so be careful as people don't understand the true meaning. Overbought never tells that stock is going to stop its uptrend. I have seen people getting trapped in Crude oil -saying it is overbought &...It is true that this leg could finish anytime but last bite always test one's patience.
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@danishsq, Likely looks done on upside exactly at 960 highs. Trading@931
Reply
danishsq AbhishekHSinghCMT
@AbhishekHSinghCMT, Thank you Abhishek, what do you think likely target for short term. I have 1 lot short for Jan Future .... Can hold till expiry ?
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Hello Abhishek, Does Tradingview conduct any training courses in Mumbai or elsewhere..Thanks
Reply
@ojas, Training course for what & request you to ask these questions out of the post in personal messengers as it is not related to post.
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Thanks,
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