Monitor IOC on 2H Chart for an opportunity of Swing Trade

Technical Analysis on 2H time frame.

Figure 1
1) I use EMA of 20, 50, 100 and 200 periods.
2) The moving averages are contracted in a very symmetric way.
3) The 20, 50 and 100 ema lines are almost on the same level.
4) The resistance comes on the level of 81

Figure 2
1) On 17 Feb we got the breakout of the triangular pattern.
2) The price tested its resistance of 81 but failed to give the breakout.

Figure 3
1) Bollinger bands are squeezed and a long pipe-like structure is formed.
2) The upper band is on the level of 80.65

Conclusion:
- Wait for the breakout of the resistance 81.

The overall structure of the stock looks very promising. We only need to monitor it regularly so we do not miss the opportunity.

Thanks
Er. Simranjit Singh Virdi

Comment:

The price crosses down the 200ema line.
And the price is unable to cross up the 200ema.

Wait for the price to be settled down.