- INDRAPRASTHA GAS is moving in an up channel formation and will be facing minor trend line resistance around 357 in daily chart, Up channel formation indicates that stock to favor bulls as long as it moves in up channel formation.
- Weekly chart of IGL indicates that stock moving up from 23.6% fibonacci retracement support, above 357 will favor short term bulls if closes above in weekly chart.
- Monthly chart of IGL indicates that stock is trading on its golden ratio fibonacci retracement resistance level , if stock closes above 61.8% fibonacci retracement and stays above then long term trend of IGL remain bullish. Close Watch.
- Stock was on news today - In oil and gas space we are hearing a lot of positive news but (IGL) has been a very slow mover so far, it has remain a laggard.
- After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs. 5 per cylinder and Rs. 0.50-1 a litre every month to wipe out Rs. 80,000 crore subsidy on the two fuels.
Next Stock Update on 25th June 2014, Wednesday, Around 1:00 pm