Hello traders,
Thanks for your support and love. Recently I got some questions on IGL, some of them are interested in bottom fishing and others want to accumulate at these levels. Before we start our analysis I like to declare that "I am holding this stock (IGL) in my personal portfolio.".
Let's start our technical analysis.
Time frame: Daily
Chart type : Heikin Ashi
Indicator: GMMA, RSI
Important Levels: Marked on the chart
As we are already 33% down from its high which was in September 2021. But this correction of 33% is very systematic and also I consider this as a good "Time wise correction". This stock respects the technical structure very well, I mean to say that the price follows the right charting behavior which is easy to analyse. Recently we have a strong breakdown in the structure of Heikin Ashi and a negative crossover in the Guppy's indicator which indicates a strong downtrend. But this break of structure happened just near the support zone and we see the price is consolidating at these levels but no sign of reversal. Also the relative strength index breaks down the level of 40, which is a negative signal. From some other technical aspects I think the price could experience high volatility in the range of 400 to 390 and 390 to 380.
So, my dear traders wait for the price to settle down. But keep this stock on your radar and keep tracking the price, soon we get the right opportunity to enter. I will keep posting the daily update on this stock so stay tuned. Happy trading.
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
Thanks
Er. Simranjit Singh Virdi
(Independent Trader)
Thanks for your support and love. Recently I got some questions on IGL, some of them are interested in bottom fishing and others want to accumulate at these levels. Before we start our analysis I like to declare that "I am holding this stock (IGL) in my personal portfolio.".
Let's start our technical analysis.
Time frame: Daily
Chart type : Heikin Ashi
Indicator: GMMA, RSI
Important Levels: Marked on the chart
As we are already 33% down from its high which was in September 2021. But this correction of 33% is very systematic and also I consider this as a good "Time wise correction". This stock respects the technical structure very well, I mean to say that the price follows the right charting behavior which is easy to analyse. Recently we have a strong breakdown in the structure of Heikin Ashi and a negative crossover in the Guppy's indicator which indicates a strong downtrend. But this break of structure happened just near the support zone and we see the price is consolidating at these levels but no sign of reversal. Also the relative strength index breaks down the level of 40, which is a negative signal. From some other technical aspects I think the price could experience high volatility in the range of 400 to 390 and 390 to 380.
So, my dear traders wait for the price to settle down. But keep this stock on your radar and keep tracking the price, soon we get the right opportunity to enter. I will keep posting the daily update on this stock so stay tuned. Happy trading.
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
Thanks
Er. Simranjit Singh Virdi
(Independent Trader)
Comment:
Now we have a green candle following a doji like candle, this green candle opens the levels of 424 on the intraday basis. I have marked the level of 424 as a target on the basis of the chart structure and from the levels of GMMA indicator. The price should be opened in the range of 407 to 412. These levels are for the day traders. Please note that this is my pre market analysis and my trading journal. Not a suggestion to buy or sell.