IOL CP fell below it's 200 days EMA and found support in the demand zone.. Currently, the stock is on the verge of a breakout of a VCP pattern that is coming off it's 200 days EMA. Generally, a breakout that is off the 200 days moving average is expected to be explosive and with quarter results due on 4th June, could also be expected to play a role in the rally.
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Stock broke above the Trendline and has put up a solid bar, on a very healthy volume. The Price Volume action is pretty impressive.