InterGlobe Aviation Ltd., the parent company of IndiGo, is showing signs of a potential breakout from a Symmetrical Triangle pattern on its daily charts. The stock has found support above the 50-day moving average (50-DMA), which suggests that it is poised for upward momentum. Technical experts are closely watching the stock, with many suggesting that it may be time for short-term traders to consider buying.
The Symmetrical Triangle pattern indicates a period of consolidation, where the stock’s price has been narrowing, signaling that a breakout could occur soon. Experts recommend a target price of Rs 4,570 for InterGlobe Aviation’s stock over the next 2-3 weeks, provided the breakout materializes.
The stock hit a record high of Rs 5,033 on September 12, 2024, but has since faced a steady decline, struggling to maintain its momentum. Despite the recent dip, the overall outlook remains positive, with analysts predicting that the stock could regain strength as it breaks out of its consolidation phase.
For traders looking to capitalize on potential gains, experts suggest keeping an eye on price action and volume. If the stock sustains its support above the 50-DMA and breaks above the upper boundary of the triangle, it could signal the beginning of a new bullish trend.
Investors are advised to monitor the market closely, as volatility can lead to swift movements in stock prices. As InterGlobe Aviation’s stock prepares to potentially make its next move, now could be an opportune time for short-term traders to enter.
