INDIAN OVERSEAS BANK --WEEKLY CHART --TRENDLINE BREAKOUT
1. Trendline breakout seen on weekly chart above 20 level
2. Double bottom formation seen at 15.50 level from where stock at uptrend following trendline .
3. RSI seen above WMA and above 60 level at bullish zone
4. stock above 50,100,200 SMA
5. one can inituate Long position at breakout level 21-23 TARGET 25-27-30 Short to mid term and stop loss bellow new trendline support at 17
THIS IDEA IS FOR EDUCATIONAL PURPOSE .. trade at own risk ,!!
HAPPY TRADING . !!
1. Trendline breakout seen on weekly chart above 20 level
2. Double bottom formation seen at 15.50 level from where stock at uptrend following trendline .
3. RSI seen above WMA and above 60 level at bullish zone
4. stock above 50,100,200 SMA
5. one can inituate Long position at breakout level 21-23 TARGET 25-27-30 Short to mid term and stop loss bellow new trendline support at 17
THIS IDEA IS FOR EDUCATIONAL PURPOSE .. trade at own risk ,!!
HAPPY TRADING . !!
Comment:
WELL IOB hit all positional target 25-27-30 and resisance breakout seen above 30 level , Daily RSI shown overbought above 90 last closing session some consolidation expected to fresh long position possible after retest at 30-32 level .