Analysis & Report by Debabrata Bhattacharjee
12/03/2024
Today I analyse INDRAPRASTHA GAS LTD (IGL) using Fractal theory in chart no 1. There are two similar patterns namely patterns 1 & 2. (Larger view of pattern 1 in chart 2). Pattern 1 is smaller and is made of points ‘a’, ‘b’, ‘c’ …. ‘s’. Pattern 2 is larger and consists of the points ‘A’, ‘B’, ‘C’…... ‘L’. In pattern 1, the point ‘m’ was formed at 123.6% of ‘i’ & ‘j’ range. In pattern 2, the point ‘M’ could be formed, if the fractal theory, is 123.6% of the ‘I’ & ‘J’ range i.e. around 658.
Chart 1
Now focus on the point ‘s’ in Pattern 1, which was formed at 861.8% of the ‘i’ & ‘j’ range. According to fractal theory, I expect, in Pattern 2, point ‘P’ should be formed at 861.8% of the ‘I’ & ‘J’ range i.e. around 2676 after making points ‘M’, ‘N’…. ‘Q’& ‘R’ as similar to pattern 1 like ‘l’, ‘m’, ‘n…’q’ & ‘r’.
Chart 2
Over this stock should move upside and hope fractal theory should flow and make pattern 2 as similar to pattern 1. So I can take a long term bet on this stock.
