Bull Flag formation add more to our position on breakout . As oil prices stabilize.
Reason: 1. 3 Window formations 2. Strong refusal after Grave stone formation 3. 3rd window is closed today 4. Over Bought Entry : Current Price Stop Loss: 88.35 Exit 1st : 85.25 Exit 2nd :83.30 *Red line are Resistance *Green lines are Support
weeklies double bottom above 89.5! NSE:IOC
A nice W pattern in downtrend and now recovery is clearly on chart with good volume support.
IOC Looking good around current levels. A nice buy setup will form above 78.
trendline formed in indian oil, target 83 and 88
pink line is monthly support around 70 rupees. it is important to see this level when price hit this trend line support if price able to maintain this level than it can move upward to short term target 80 , 90 , 100 as relief rally ( corona crisis so it can repeat usoil rally too.) no oil consumption can lead this to 50 , 60 rupees zone. same as usoil contract...
Following Trend line. Wait for Discount price 46 for long.
Indian Oil Corporation is going through a tough time this year. Cheap oil for India is like a breath of air. Cheap oil was a very good growth driver for the company, as it is now. But the coronovirus is likely to hit India's economy hard. If oil prices remain below $60, the stock looks very good. I am still waiting for the company's shares to fall to prices 60,...