Weekly Chart – Ascending Triangle Formation
On the weekly timeframe, Oil India is forming a clear Ascending Triangle pattern.
• Rising trendline support connecting higher lows
• Flat horizontal resistance near ₹520–₹546 zone
• Price compression toward the apex
This structure typically signals accumulation and a potential bullish breakout if resistance is taken out with strong weekly closing.
The chart projects a potential upside move of ₹134.25 (~24.88%), indicating nearly 25% upside & 20% Downside potential on confirmed breakout
Chart Structure – Resistance & Breakout Zone
Major Resistance / Breakout Zone: ₹520–₹546
Multiple rejections have occurred from this zone, making it a strong supply area.
A decisive weekly close above ₹546 would confirm triangle breakout and activate the projected move.
Failure to break this zone may lead to another pullback toward rising support.
Key Support Zone
₹429.50 – Immediate support
₹389.65 – ₹377.70 – Strong demand zone
₹364.40 – Major breakdown level
If price breaks below the rising trendline and closes weekly below ₹429.50, bullish structure weakens.
Breakdown below ₹389 would invalidate the triangle setup.
Fibonacci & Critical Risk Levels
₹494.20 – 50% Fibonacci Level (Key Reaction Level)
₹546.45 – Breakout Fibonacci Confluence
These levels are critical for continuation.
If a **weekly candle fails to close above any key Fibonacci level**, traders should remain cautious or consider partial exit, as price may reject and fall from that level.
• Failure to close above ₹494 may cause pullback toward ₹430.
• Failure to close above ₹546 may result in rejection back inside the triangle.
Sustained weekly closes above these levels strengthen bullish continuation probability.
Upside Levels to Watch
Breakout Confirmation Above: ₹546
Target 1: ₹598.70
Target 2: ₹673.10
Extended Resistance: ₹709–₹731 zone
From the ₹546 breakout zone toward ₹673, the projected move reflects approximately **25% upside potential**, as indicated in the chart.
Momentum & Structure
Weekly momentum is gradually improving with higher lows formation.
Volume spikes near resistance suggest participation building.
A strong volume expansion on breakout would confirm institutional interest.
Trading Perspective
Bullish above ₹494 with strength.
Strong breakout confirmation above ₹546.
Projected upside ~25% toward ₹670+ zone.
Be cautious if weekly candle fails to close above key Fibonacci levels — price may face rejection.
Bearish if weekly close breaks below ₹429.
Strongly bearish below ₹389 (triangle invalidation).
Disclaimer: This analysis is for educational and informational purposes only. It is not financial advice or a recommendation to buy or sell any security. Please do your own research and consult with a qualified financial advisor before making any investment decisions. Stock market investments are subject to market risk.
On the weekly timeframe, Oil India is forming a clear Ascending Triangle pattern.
• Rising trendline support connecting higher lows
• Flat horizontal resistance near ₹520–₹546 zone
• Price compression toward the apex
This structure typically signals accumulation and a potential bullish breakout if resistance is taken out with strong weekly closing.
The chart projects a potential upside move of ₹134.25 (~24.88%), indicating nearly 25% upside & 20% Downside potential on confirmed breakout
Chart Structure – Resistance & Breakout Zone
Major Resistance / Breakout Zone: ₹520–₹546
Multiple rejections have occurred from this zone, making it a strong supply area.
A decisive weekly close above ₹546 would confirm triangle breakout and activate the projected move.
Failure to break this zone may lead to another pullback toward rising support.
Key Support Zone
₹429.50 – Immediate support
₹389.65 – ₹377.70 – Strong demand zone
₹364.40 – Major breakdown level
If price breaks below the rising trendline and closes weekly below ₹429.50, bullish structure weakens.
Breakdown below ₹389 would invalidate the triangle setup.
Fibonacci & Critical Risk Levels
₹494.20 – 50% Fibonacci Level (Key Reaction Level)
₹546.45 – Breakout Fibonacci Confluence
These levels are critical for continuation.
If a **weekly candle fails to close above any key Fibonacci level**, traders should remain cautious or consider partial exit, as price may reject and fall from that level.
• Failure to close above ₹494 may cause pullback toward ₹430.
• Failure to close above ₹546 may result in rejection back inside the triangle.
Sustained weekly closes above these levels strengthen bullish continuation probability.
Upside Levels to Watch
Breakout Confirmation Above: ₹546
Target 1: ₹598.70
Target 2: ₹673.10
Extended Resistance: ₹709–₹731 zone
From the ₹546 breakout zone toward ₹673, the projected move reflects approximately **25% upside potential**, as indicated in the chart.
Momentum & Structure
Weekly momentum is gradually improving with higher lows formation.
Volume spikes near resistance suggest participation building.
A strong volume expansion on breakout would confirm institutional interest.
Trading Perspective
Bullish above ₹494 with strength.
Strong breakout confirmation above ₹546.
Projected upside ~25% toward ₹670+ zone.
Be cautious if weekly candle fails to close above key Fibonacci levels — price may face rejection.
Bearish if weekly close breaks below ₹429.
Strongly bearish below ₹389 (triangle invalidation).
Disclaimer: This analysis is for educational and informational purposes only. It is not financial advice or a recommendation to buy or sell any security. Please do your own research and consult with a qualified financial advisor before making any investment decisions. Stock market investments are subject to market risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.