IOC Outlook: IOC trading on very crucial support area 360-364 also taking support of 200D EMA, Currently stock trending on downward for last two months so now stock trend on a decision either it will continued towards downward or reverse back from 360 support area.
So now two trading strategies can be applied as per support and resistance methodology :
One if it able to break below 200DEMA and 360 Support area and close below with volume , a short can be initiate with small stop like 365-370 and target area should be 330 area, Two a long can be initiate at current trading level with sup area stop and target of 402
So now two trading strategies can be applied as per support and resistance methodology :
One if it able to break below 200DEMA and 360 Support area and close below with volume , a short can be initiate with small stop like 365-370 and target area should be 330 area, Two a long can be initiate at current trading level with sup area stop and target of 402
Trade active
Trade closed: target reached