nimbuz90

IOC - Symmetrical Traingle pattern broke on counter side.

NSE:IOC   INDIAN OIL CORP
Symmetrical traingle has been in formation for some months . But it failed to breakout upside. Instead it brokedown and it has a bear closing on today's daily candle.
Cmp is around 378.

1st setup : Short trade ( Intraday )
Depending on tmr's opening, trade can initiated at two levels.
a - 382 to 384 level on retracement.
b - Below 378 on bearish candle confirmation.
SL - 386 for both.
T1 - 367
T2 - 365

2nd setup : Long trade ( Positional )
If the price reaches 365 level and gets support , then entry can be made based on bullish candle at the said level.
Else wait for the prices to give a clear make or break signal and proceed further.

My own personal view and is purely for education.
Thanks.

Jan 18
Trade active
Jan 18
Comment: Trailed SL to 383
Jan 19
Trade closed manually: Didnt work for intraday. Closed @ 381
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