IGL - Technical Analysis with Chart Patterns & Indicators

Last Updated Time : 19 Sept 25, 2:16 pm

Technical Rating: 4.0

Here’s a detailed technical analysis of Indraprastha Gas Ltd (IGL)

📊 Trend Overview

Phase: Reversing with bullish momentum

Price Action: Trading above both 50-DMA (₹211) and 200-DMA (₹209), indicating a short-term bullish crossover and trend recovery.

Volume: Significantly below average (6.25L vs 12.13L), suggesting low conviction in the current move — a cautionary signal for breakout sustainability.

📈 Momentum Indicators

RSI (57.7): Neutral-to-bullish zone — momentum is improving but not yet overbought.

MACD (1.82): Positive and diverging — confirms bullish momentum and potential continuation.

Bollinger Bands: Price likely near the middle-to-upper band, indicating strength with room for expansion.

🧭 Chart Patterns

Rounded Base Formation: Price recovery from ₹153 suggests a potential reversal setup.

Trendline Support: Rising trendline from recent lows supports the bullish structure.

Resistance Retest: Price is approaching a key resistance zone near ₹220–₹225, which could act as a breakout trigger.

🔍 Support & Resistance Levels

Level Price (₹) Commentary

Support 1 211 50-DMA, short-term base

Support 2 200 Psychological and round-number support

Support 3 185 Previous swing low

Resistance 1 225 Minor resistance zone

Resistance 2 245 Pre-breakdown congestion zone

Major Resistance 285 52-week high

🎯 Entry & Exit Zones

Optimal Entry: ₹211–₹216 (on dips with volume confirmation)

Short-Term Target: ₹225–₹245

Exit Zone / Stop-Loss: ₹200 (below psychological support)

🔄 Short-Term Outlook

Momentum: Positive and building

Bias: Bullish above ₹211; cautious below ₹200

Phase: Reversing — with breakout potential

🧠 Key Takeaways

IGL is showing signs of technical recovery after a prolonged decline, supported by bullish indicators and moving average crossover.

RSI and MACD confirm momentum, while price action suggests a potential breakout above ₹225.

A decisive close above ₹225 with volume could unlock upside toward ₹245–₹285.

Let me know if you’d like a chart visualization or screener of similar reversal setups in the energy or utilities sector.

Edit in a page