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
The stock moved more than 5% on 21st july because a trend line was broke. IOC is showing strength. Place your targets and stop loss according to support and resistance drawn.
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...
Note: This is for educational purpose only.
There is a huge surge in volume in IOC and there seems to be a descending triangle breakout. RSI has moved above which seems to be a bullish momentum.
IOC long should be considered only above 92. This stock has enough breathed in the range of 72 to 92. Ideally we can look to build long position. But build only above 92/-
IOC has breached falling trendline after positive RSI divergence . At the same time RSC is trending up with cross over. Buy can be done at 85 and 83 with stop loss below 81 for target of 93-97
Levels are mentioned on chart for Swing trading.
Please check the description section for early entry level in given stock to get better Risk to Reward ratio.
Kindly like & share this pattern. Comment with what do you think.
Follow me @ tradingview for more updates!!!
Early entry: 88
SL: 85
Target: 95
RR: 2.33
Thank you. Happy Trading!!!
Best...
