IGRDthe chart shows a technical analysis of Estithmar Holding (IGRD) on a weekly timeframe, using Elliott Wave theory and Gann/Fibonacci angles to predict potential price movements.
Key Observations:
Elliott Wave Pattern – ABC Correction:
The chart suggests that the stock completed wave B at a recent high.
A downward corrective wave C is anticipated, as shown by the red dotted line.
Bearish Divergence:
At the bottom, a momentum oscillator (likely RSI or a similar indicator) shows bearish divergence – price is rising, but momentum is falling.
This is typically a warning signal that upside momentum is weakening.
Downside Price Targets (based on Gann/Fibonacci angles):
Possible support levels:
2.15 QAR
1.93 QAR
1.71 QAR
1.49 QAR
Final target: ~1.06 QAR (as the lowest projected level)
Warning Highlighted:
The red text at the top: "IGRD – Estithmar Holding – See explanation below"
This suggests a bearish outlook unless key resistance levels are broken with strong volume.
Summary:
Current trend: Overbought with signs of weakness.
Outlook: Bearish correction likely.
Action: Watch for confirmation of a downtrend or support at key Fibonacci/Gann levels.
