indiamarketoutlook

IOC: Chart set up

Long
NSE:IOC   INDIAN OIL CORP
IOC

Observations

- the zone of 103-106 has acted as resistance multiple times between Jan 2021 to May 2021

- reversal of role was seen in May 2021 where previous resistance was seen acting as support

- at current levels the stock is back at the important levels

- medium term up trend support (green line) is around 96 currently

Strategy: Consider buying in 2 tranches

- at current levels and have provisions to accumulate further if we see dips towards green line and that is being held

Target for the current set up 136 / 158

Time frame: Medium term to long term

Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be

Comments

Fresh entries can be made, right?
Reply
@architk, if you can keep patience and looking for medium term then yes.

If you are looking for a momentum play, then wait for it to cross the red resistance line
Reply
architk indiamarketoutlook
@indiamarketoutlook, cool, thanks for replying.
Reply