IGL
CMP 427
Although it seems that the stock completed its correction (S4) at 321 in March 22 and is now trying to form a base (S1) in last few months but it seems to have lot of supplies near 450.
For any significant upmove it should start trading and closing above 450-55 levels.Next resistance it should cross with volumes is near 515 levels.
As per the charts,in short-term , it should struggle or consolidate a bit. On downside, be carfeul if it starts going below 415-390 range.
Keep in consideration that we never project a chart for 5-10% up or down-side movements. We look for long -term trend changes on either side where the upside or downside can be really significant.
Weekly Chart
Disclaimer :This post is just a for learning few methods of price-patterns. Views are personal and are purely based on our limited knowledge of charts. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
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