indiamarketoutlook

IOC: Listening to charts has its own merit...!!!

NSE:IOC   INDIAN OIL CORP
IOC            
CMP 374

On 29 June 2017, when stock was at trading at 389, the importance of 397-405 was highlighted. On any rise rejection in the said zone will increase the probability of further downside movement towards 368-363 zone...



https://in.tradingview.com/chart/IOC/pFMS3bn2-IOC-Looks-like-Sell-on-rise-Bearish/




Well it made a high of 398.6 taking resistance right in the zone and also at top of falling channel and thereafter it can be seen what the stock has done...

Trades initiated in the said zone are rewarded handsomely with minimal risk

Listening to charts has its own merit...

We are closer to lower end of the channel...

As per risk appetite, booking profits can be considered...!!!

Enjoy your week end...

Take care & happy trading...
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