Attached weekly chart of Indian Oil Corporation, a participant from a refinery sector, is implying that the stock is about to pull off from its major support zones.
Stock’s seems to be finishing its groundwork at or near levels of 360-370 on the basis of following parameters:
The of the previous upmove from 281.70 (November 2014) to the crest of 450.90 (May 2017) is placed at 367 levels.
Long term 200-EMA is placed at 367 levels as per .
“Bullish Harami Candlestick” pattern was visible till previous close on weekly charts (shown in green circular object) with surge in volumes, the above said pattern is considered to be a trend reversal pattern, giving investors the buy signal indicating that the bear run is over and bulls might gain the control over the stock.
Moreover, 14-Period weekly is turning up from above oversold trajectory, Slow has already given a buy signal.
We strongly believe the stock has potential to move from here and achieve the levels on the higher side, thereby recommend a Buy in this particular stock as per levels mentioned above.