NSE:IOC is trading above major resistance of 69.00. My idea is to take entry at current level and wait for targets of
70.75
71.50
74.50
75.50
My stop loss will be 65.
Note: This is my personal analysis, only for learning. Thanks.
Price action in IOC shows price breaking out on Weakly chart. Price also closed above its 20 periods moving average and RSI shows a break out of a falling trendline and a pop above 70. This shows the stock is gaining momentum on the upside.
Buy around Rs 104-109 for a rally to Rs 118 and above that to Rs 130 over the next 2-3 weeks. Keep a stop below Rs 95.
price at support after that huge buying done in this stock
we can see a short term target like 140 , 150 very soon need some some correction at 115 area .
this are the thing you must aware of for this trade
1 ) price touching support again and again
2 ) head and shoulder like pattern
-----------Head and Shoulder Pattern on daily chart or mostly rejection at...
indian oil corporation break the long supported trend line now price is moving downward ..
price near support so small bounce can
selling pressure is really high
