Multiple things to note on this chart.
1. The stock formed a good base at 71-72 levels. Tested twice and the levels acted as a good support. In the chart this is indicated by the black line drawn at support.
2. The stock then formed higher highs and higher lows indicating that the stock is in an uptrend. This happened for almost 6-7 weeks.
3. Now, historical...
I hope you can now see how IOC represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed...
Indian Oil Corp. To break before 74. It has a strong support at 74.40 and if it breaks, it would have successfully broken the support after multiple tries.
Sell below 74. Target at 70. Stop loss at 76.
IOC can see a bounce from the support zone. Can touch 89-91 levels in short term. This is my point of view and I am sharing it only for educational purpose. Its not a recommendation for anyone to trade as per these levels.
IOC is showing a flag pattern after recovering from lows of 72 to 94 price levels, has been in consolidation mode for past 40 odd days.
On friday the stock gave a breakout on MACD indicator and most probably might give a break above 88 levels tomorrow.
I am looking for a gap-up open tomorrow above 88 levels for target of 96 & 106 for this expiry.
Keep a watch on...
#IOC @ 72.25
This is an interesting study of #IOC chart on 1-hour basis:
- Period : MAY 2020 (12 trading days)
- Observe behaviour of candles in GREY and YELLOW
- On any GREY candle - the high point of one-hour remains higher for the entire day
- So an intraday SELL strategy can be initiated for a gain of maximum average of 2-3 points daily
Long @ 76.6 with target at 79.75 and stoploss at 75.4
Bearish candle at P1 with declining trend
Beginning of a morning Star pattern formation with gap down pin bar showing severe price rejection on P2
RSI reaching close to oversold levels again and price at the edge of bollinger bands
What do you guys think?