IOC made a bullish marubozu crossing 100 DEMA & its long term resistance at 93.6 only to come back and close just below.
Buy above 93.6 / 94.7 (based on your risk appetite) for targets of 96, 97.5, 100 with SL at 90.65
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...
Levels are mentioned on chart for Swing trading.
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Early entry: 88
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