AbNamjoshi

Cup and handle formation

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NSE:IOC   INDIAN OIL CORP
The stock has clear resistance from 117 to 121. It has tried to breach this resistance, however, we can see a big selling. Now the stock is possibly making a cup and handle formation. Price change from the bottom of the cup to the top of the cup is around 45 Rs . If it able to breach the resistace of 118, we can expect up move of 45 Rs from the top of the handle which is coming around 160 Rs . Investors with medium to long term plan should start accumulating this share from this point onward as it is creating a base and a strong support at current levels. Investors should accumulate the stock in each dip until the levels of 120 for very good returns.
SL - 90 Weekly basis.

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