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chandakpulkit

Indian Oil: % years Inverse Head and Shoulder Breakout

Long
INDIAN OIL CORP (NSE:IOC)  
chandakpulkit  
NSE:IOC   INDIAN OIL CORP
Head and Shoulders Trend Analysis Technical Indicators Crude Oil oilstocks nifty50 Inverse Head and Shoulders multibaggers longtermtrading Trend Line Break trendtrading
13
0
headandshoulders trendanalysis indicator crudeoil oilstocks nifty50 inverseheadandshoulders multibaggers longtermtrading trendlinebreak trendtrading
IOC has been in an Inverted H&S pattern formation since March 2018 which it completed in July 2023. Inverted H&S patterns often implicate a bullish run post pattern breakout and they become crucial specially when the pattern is in formation phase for dew years.
IOC replicates a similar view and the stock has given a breakout in May 2023.
The run still continues supported with high crude oil prices as well. With a long term view the stock seems to go upto 129 levels in few months from now. (Given the pattern is observed in monthly chart)
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