According to the SMC method, Oil India is currently approaching a potential supply zone near ₹494.05. A break of structure (BOS) will be confirmed if demand overcomes supply at this level, targeting ₹523. After reaching this target, a 50% retracement (between ₹495–₹500) could present a re-entry opportunity, marking a bullish continuation scenario.
An alternative bullish setup may emerge if the stock takes support at ₹448.25 and shows signs of reversal or positive momentum, offering a favorable buy opportunity.
However, failure to hold above ₹448.25 would signal weakness, potentially pushing the stock down towards ₹420. This indicates a bearish-to-sideways outlook, with ₹420 acting as a critical support level to monitor for either a breakdown or a reversal.
Technical Indicator Insight:
As of 19.06.2025, the Williams %R (14) is at -18.36, indicating strong bullish momentum. Nevertheless, confirmation through a breakout above ₹494.05 is essential before initiating aggressive long positions.
Expected Price Behavior on Daily Timeframe:
Potential for either a gap-up followed by continued bullish movement, or gradual bearish price action until support zones like ₹448.25 or ₹420 are tested.
Bullish Scenario:
Break above ₹494.05 confirms BOS → Target ₹523
Re-entry zone: ₹495–₹500 (50% retracement)
Alternate buy: Support at ₹448.25 with bullish signals
Bearish Scenario:
Breakdown below ₹448.25 → Target ₹420
Sideways to bearish bias until price action confirms direction
Technical Indicator:
Williams %R (14) at -18.36 on 19.06.2025 → Bullish momentum
Breakout above ₹494.05 needed for confirmation
Expected Moves:
Possible gap-up with continuation or gradual decline to support levels (₹448.25/₹420)
Disclaimer: lnkd.in/gJJDnvn2
An alternative bullish setup may emerge if the stock takes support at ₹448.25 and shows signs of reversal or positive momentum, offering a favorable buy opportunity.
However, failure to hold above ₹448.25 would signal weakness, potentially pushing the stock down towards ₹420. This indicates a bearish-to-sideways outlook, with ₹420 acting as a critical support level to monitor for either a breakdown or a reversal.
Technical Indicator Insight:
As of 19.06.2025, the Williams %R (14) is at -18.36, indicating strong bullish momentum. Nevertheless, confirmation through a breakout above ₹494.05 is essential before initiating aggressive long positions.
Expected Price Behavior on Daily Timeframe:
Potential for either a gap-up followed by continued bullish movement, or gradual bearish price action until support zones like ₹448.25 or ₹420 are tested.
Bullish Scenario:
Break above ₹494.05 confirms BOS → Target ₹523
Re-entry zone: ₹495–₹500 (50% retracement)
Alternate buy: Support at ₹448.25 with bullish signals
Bearish Scenario:
Breakdown below ₹448.25 → Target ₹420
Sideways to bearish bias until price action confirms direction
Technical Indicator:
Williams %R (14) at -18.36 on 19.06.2025 → Bullish momentum
Breakout above ₹494.05 needed for confirmation
Expected Moves:
Possible gap-up with continuation or gradual decline to support levels (₹448.25/₹420)
Disclaimer: lnkd.in/gJJDnvn2
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.