Shares of InterGlobe Aviation Ltd have gained as much as 2.85 per cent to Rs 1,256, their highest since May 31, 2018.
Stock breaks above a resistance at Rs 1,203.3, the 61.8 percent Fibonacci retracement level of the downtrend from the April 20, 2018 high to the October 9, 2018 low.
The breakout suggests the stock may in the near term rise up to the resistance at Rs 1,324.35, the 76.4 per cent retracement level.
The Trend Intensity (TI) indicator rises to 16, suggesting a new uptrend has started for the stock.
MACD is positive and above its signal line. The stock’s wave pattern suggests it is in the initial wave ‘a’ of a three-wave uptrend.
