SWING IDEA - INDRAPRASTHA GAS (IGL)
Updated
Consider a compelling swing trade opportunity in Indraprastha Gas Limited (IGL), a leading natural gas distribution company in India.
Reasons are listed below :
Target - 515 // 585
Stoploss - weekly close below 394
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Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
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Reasons are listed below :
- Attempt to Break Triangle Pattern: IGL is attempting to break out of a triangle pattern, indicating a potential shift in market sentiment and the beginning of a new trend.
- Bullish Marubozu on Daily Timeframe: The presence of a bullish Marubozu candlestick pattern on the daily timeframe signals strong buying momentum and potential upward movement.
- Broke Consolidation of 5 Months: IGL has broken out of a consolidation phase lasting 5 months, suggesting a breakout from range-bound trading and potential sustained upward movement.
- 50 and 200 EMA Support on Weekly Timeframe: The stock finds support at both the 50 and 200 Exponential Moving Averages (EMA) on the weekly timeframe, indicating bullish momentum and potential for trend continuation.
- Constant Higher Highs: IGL consistently forms higher highs, reflecting a trend of increasing bullish momentum and reinforcing the potential for further gains.
Target - 515 // 585
Stoploss - weekly close below 394
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Trade active
Made a high of 4.8% from our buying priceNote
Price attempted to break out but is now back to the triangle pattern.Hold!
Note
Consolidation continuesNote
in a tight range now, might break outNote
can add quantity hereNote
we will possibly see a fast up move as per price actionNote
hold!Note
ACCUMULATE MORE!Note
weekly close above 485 will possibly trigger fast upmoveNote
made a high of 10%++, we are very close to 1st targetHOLD!
Trade closed: target reached
1st target achieved : 15%++Note
weekly close above last swing highNote
made a high of 20%+, hold!Note
hold for 2nd targetNote
hold!
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