IGL | Gann Analysis

16 May 2021

IGL | Gann Analysis

• The stock has been trading mostly between 496 and 529 levels since the 18-Feb-2021 top | On 14-May-2021, it closed at the juncture of Cube number 512 (8 x 8 x 8 = 512) and trend line support (dotted pink) | A potential action zone
  
  
• Gann level 529 appears to be a very strong resistance | Price is constantly getting rejected from this level | Price broke above trend line resistance (dotted pink) twice however could not sustain above 529 level
  
  
• 17-May-2021 and 20-May-2021 are important Gann dates for IGL in the coming week | Could be potential trend change dates
  
  
• Another important support (not shown in this chart) is placed at 501 | Its the LOW of the first month of the year 2021 | Price has mostly traded above 501 since 01-01-2021 baring few trading sessions | Also it is an important Gann Circle projection from the top of 594.85 made on 18-Feb-2021
  
  
• Support : 501 / 496 / 485 / 474 / 463 / 452
  
  
• Resistance : 529 / 541 / 553 / 565 / 577
  
  

Color codes:

• Cube Level : BLACK
  
• 45 Degree Gann Level : BLUE
  
• 90 Degree Gann Level : ORANGE
  
• 135 Degree Gann Level : LIME
  
• 180 Degree Gann Level : RED
  

18 May 2021

Not

Trading between Gann Levels 507 and 518 and of course the Cube 512!