InterGlobe Aviation Limited (INDIGO) Stock - Complete Technical Analysis - Nov 07, 2024

IndiGo Stock Analysis Support, Resistance & Key Levels to Watch Nov 2024 Technical Review

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

IndiGo's current price of 3,996 represents a sharp 20.64% pullback from its 52-week high. Over the past few trading sessions, the stock has shown notable volatility, moving between 3,920 and 4,090. The stock recently opened at 4,073, fell to 3,980, and closed at 3,995. This price action shows that despite minor gains, there's resistance around 4,250, with recent pullbacks acting as potential entry points for traders.

The Relative Strength Index (RSI) is signaling an oversold condition, while the Moving Average Convergence Divergence (MACD) remains negative, showing weak momentum. The ADX, however, points to a strong trend, suggesting that the stock could either rally sharply or correct, depending on the direction of the breakout.

From a support and resistance perspective, the stock has been consolidating between 3,900 and 4,250. A clear breakout above 4,250 could set the stage for further upward momentum, while a breakdown below 3,900 may lead to declines towards 3,700. Traders should watch these levels closely.

The volatility is high, reflected by the ATR, which indicates significant price swings, suggesting caution for short-term traders looking for safe entry points. Investors may want to watch for signs of stabilization near the lower support or a breakout above 4,250.