INTERGLOBE AVIATION LTD. preparing for a take off.

It’s been around 13 trading sessions, the stock is building up a momentum with higher lows along with a common resistance at ₹1680 level thus forming an ascending triangle pattern on a daily time frame.
As per the technical analysis, once the stock breaches the resistance of 1680, this airline industry stock can take off to the levels of 1840-1844 levels. On the downside, one may consider a stop loss of 1610-1620 levels.
Although it’s worth mentioning to enter into the stock after the breakout of 1680. Investors / Traders are also advised to keep a check on the volume levels at the breakout point. This stock is worth adding to the watchlist.

Investors / Traders are advised to do their own research before entering into any position. The above analysis is only for educational purposes.

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As per the previous analysis done for this stock, the movement is in the expected direction and more than 50% of the target has been achived within 7 trading sessions. The stock not only broke the resistance level, but also retested it that too twice confirming the strenght of the bulls.
We are expecting a slight halt in the stock, as the volume levels are relatively lower. Another possibility is that the stock might reach the 200 EMA level and then cool off a bit. The stock has already generated 6% returns approximately from our buying level at 1680.

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The airline industry stock literally took off after it crossed the resistance level of 1680 and the target of 1844 was effectively reached in 16 trading sessions. Charting patterns and price action at it's best.