IOC is taking a support at ~387 thought difficult to get a actual support line. But based on the chart this was a Resistance level and now is acting as support. For the short term the tops are getting lower and lower. The wedge formation has to end. the wedge started with a upward move hence it should move up once the wedge is over. Also rising oil prices is keeping this sector under pressure. BSVI fuel subsidy /incentive if announced for the oil companies we can see a upward to 450 levels.
Trade active:
long at 395
Comment:
As my VIX will reduce the stock will pick pace. also my CMF levels are negative.after 3-4 trading session if should become positive the scrip will shoot up