IOC LONG (167-170), AT UPTREND SUPPORT LINE AND READY TO BLOW
Technical Analysis of Indian Oil Corporation (IOC) - Daily Chart
Note: I bought at 168 and find next major support at 155.
1. Support Zone: The stock has consistently found support around the 160-165 range, as indicated by the green arrows. This shows strong buying interest in this zone, preventing the price from falling further.
2. Volume Spikes: Noticeable volume spikes occurred when the price moved upwards, highlighted by the green arrows. This is a bullish indicator, suggesting increased buying activity and investor confidence.
3. Uptrend Support Line: The stock has been respecting an uptrend support line (blue), which indicates a gradual increase in price and a bullish trend.
4. Resistance Zone 1 (Purple): The stock faced resistance around the 180-185 range multiple times (red arrows). Although there were attempts to break out of this zone, they failed, indicating this area as a significant resistance level.
5. Resistance Zone 2 (Green): The next resistance level is around the 195-200 range. Breaking through this zone would signal further bullish momentum.
6. Short-term Target: The short-term target for the stock is around 189, which is just above Resistance Zone 1. If the stock breaks this level, it could see further upward movement.
7. Long-term Target: The long-term target is set at 225, indicating potential for substantial gains if the bullish momentum continues.
Conclusion
The technical indicators suggest a bullish outlook for Indian Oil Corporation, with strong support levels, volume spikes on upward movements, and potential breakout targets.
Disclaimer: I am not SEBI certified, and this is not financial advice. Always conduct your own research before making any investment decisions.
Note: I bought at 168 and find next major support at 155.
1. Support Zone: The stock has consistently found support around the 160-165 range, as indicated by the green arrows. This shows strong buying interest in this zone, preventing the price from falling further.
2. Volume Spikes: Noticeable volume spikes occurred when the price moved upwards, highlighted by the green arrows. This is a bullish indicator, suggesting increased buying activity and investor confidence.
3. Uptrend Support Line: The stock has been respecting an uptrend support line (blue), which indicates a gradual increase in price and a bullish trend.
4. Resistance Zone 1 (Purple): The stock faced resistance around the 180-185 range multiple times (red arrows). Although there were attempts to break out of this zone, they failed, indicating this area as a significant resistance level.
5. Resistance Zone 2 (Green): The next resistance level is around the 195-200 range. Breaking through this zone would signal further bullish momentum.
6. Short-term Target: The short-term target for the stock is around 189, which is just above Resistance Zone 1. If the stock breaks this level, it could see further upward movement.
7. Long-term Target: The long-term target is set at 225, indicating potential for substantial gains if the bullish momentum continues.
Conclusion
The technical indicators suggest a bullish outlook for Indian Oil Corporation, with strong support levels, volume spikes on upward movements, and potential breakout targets.
Disclaimer: I am not SEBI certified, and this is not financial advice. Always conduct your own research before making any investment decisions.
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