InterGlobe Aviation breaks out from a sloping channel!

InterGlobe Aviation breaks out from a sloping channel InterGlobe Aviation Limited (NSE: INDIGO) was trading around ₹5,030 on September 23 after rebounding from its support zone. The stock has also broken out from a sloping channel on the daily chart, improving its short-term technical structure. The rebound followed a period of decline from higher levels. The channel breakout is now the key technical development, with ₹4,850 identified as the trend-deciding level. A channel breakout after a support-zone rebound can change the short-term price structure. The important confirmation will be whether the stock can sustain above the breakout area instead of returning inside the previous channel. My view is that ₹4,850 is the critical level for this setup. Holding above it would preserve the recent breakout structure, while a sustained move below it would weaken the technical case.