IOC: Looks like Sell on rise Bearish


Observations from the chart
- Made High of 404 on 7-Feb-2017

- Took that level out with a strong gap up (from 397 to 405) on 7-April-2017)

- Trading below 405 after almost 3 1/2 months

- Also Broken trend line now

-20 day EMA & 50 day EMA crossover observed after a very long time

Any rise towards 397-405 needs careful attention. Rejection at those levels might indicate Long Positions taken in IOC in the last 3 months have been trapped & the stock may fall further towards 368-354 levels, testing their nerve...

Do read our previous post on IOC

Take care & safe trading...!!!

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