IGL Bouncing off at Multiple Supports
Updated
IGL is bouncing off again from its medium term support, same as it did a month and a half ago. The stock bounced off this support the last time, went to the resistance at 580 and came back to its support. The stock's price action today is indicative of a bounce again at this trend line and 200DMA support. The candle formation is also of 'morning star' type with gap up today and volume support. We are bullish on this stock and can see the price going back to 580 resistance zone.
Trade closed: stop reached
Stop level of 510 has been breached on this chart and hence trade is closed.
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