IOC looks too good for long-term forming ABCDPATTERN Target could be 220 add more at 75 stoploss will be 70
From funda side IOC is the second biggest player( if I'm not wrong) in ethanol production and allocated some funds for expanding it . And govt is taking initiatives for producing Ethanol as an alternative to gasoline .so IOC could benefit from it .
Despite 2Q missed earnings and the Php1Bil fine for non-compliance with banking laws , I'll take my chances on RCB.
On a technical note, the MACD coming from a buy crossover, is now above the zero-line which indicates a stronger buy signal. Also, the YTD support at around 29.50 is looking strong. I'll have my stop at 28.75 (YTD low).