jashdoshi

Good short opportunity for IOC

Short
NSE:IOC   INDIAN OIL CORP
As you can see in the chart, the stock price is currently at a weekly resistance (higher time frame resistances/supports are found to be very strong). I would expect a 50% pull down of the 4.94% rise up today that is to the white box marked in the chart around 107.8 region. Also to support my analysis the rsi indicator is way overbought(above the 70 line) on all the timeframes which shows a pull to the downside in the upcoming days.