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Indian Oil is under-performed its other peers post covid fall. From all time high stock is in stiff downtrend and in parallel channel. It has formed bottom at start of wave i and retraced nearly 80% of wave i. Stock may create leading diagonal and should move higher. With SL 71.6 Long for 110-116 which is wave iii taget 1.618 Fibonacci level In year or it should touch upper channel line near 125.