IGL near a break out of inverted head and shoulder pattern.IGL is looking good for a break out trade as it has been forming an inverted head and shoulder pattern and consolidating near the break out levels.
On the daily time frame, the stock has given a lower wick rejection after testing 20 DMA.
The stock on the weekly time frame has given a bullish moving averages cross over and good targets can be booked in the stock after the break out of the pattern.
3 point confirmation.
1. Consolidation near break out level.
2. Bullish moving averages crossover on weekly time frame.
3. Retest of 20 DMA level.
The markets are in a bull run and the stock can follow the trend once it starts trading above 446 levels.
Targets :- 471, 510
Stop loss :- 438
Wait for the price action near the levels before entering the trade. Intraday and swing trades can be initiated in the stock once the level 446 is crossed convincingly.
