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...