sankatradesindia

IOC brilliant chart for medium term

Long
NSE:IOC   INDIAN OIL CORP
Multiple things to note on this chart.
1. The stock formed a good base at 71-72 levels. Tested twice and the levels acted as a good support. In the chart this is indicated by the black line drawn at support.
2. The stock then formed higher highs and higher lows indicating that the stock is in an uptrend. This happened for almost 6-7 weeks.
3. Now, historical data shows that the support had previously taken very strong support at 83-84 levels. It tried to break these levels on almost 4 occasions (weeks) but failed. Also, we know that a support line then acts like a resistance. Indicated by red trendline.

Can it break this resistance of 83-84 levels this coming week? Some of you might say that it has already broken the resistance on weekly close but the volumes don't look convincing to me so I would wait for another session and see how the formations are on a daily chart .

Trade idea: If the resistance is decisively broken, go long in IOC with levels up to 90 (first) and 96 (second) as Targets.

Please look at the "related idea". I had given an idea on IOC and that was very successful.

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Cheers!

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