What I see in IOC Would love to share my views with you all :
_ I see that the price was getting rejected from the same trendline on weekly basis for quite a while now and recently broken with 4 bullish green candles on W charts
_ I see that the zone of 102 to 106 is a strong supply-demand conversion zone, which means it can sometimes work as demand and sometimes supply zones
_ For now it has broken that supply zone and gone up by 17%, now it is retracing its move, for that we have fibo tool to understand where it is in terms of retracement
_ I see that the price resides on 0.3 fib retracements and also on supply-demand conversion zone of 105 levels which will act as demand/support for the price
_ I also see that in 1hr time frame it is making a good trendline which needs a breakout
_ A breakout as depicted in the video if given then it might boom for 113 levels and 117 levels
Trade levels :
Breakout of small trendline needed above the 107 marks ( on 1hr TF ) SL should be self kept as its a self-owned thing ( I might keep it below the swing ) Targets should be set at least larger than the SL and logical too ( 113 is good resistance and 117 is near term high )
I asked this question to some one, Is it evening star pattern in IOC from 31st May 21 on weekly time frame? am I correct? If yes, how much downside till it reaches demand zone or support?
thejayeshmotwani1
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Good video. I did a similar analysis on Friday and took an aggressive position in the market as the quite a few indictors were in confluence, however, now I see it has even broken the 0.382 Fibonacci of around 105.6 and am only in hope for 0.5 Fibonacci as the new support. Do you think a stop loss around that point ~102.2 is a good idea?