Indian Oil Corp. Ltd is India's flagship national oil company and downstream petroleum major.
Now on near support 121.30 it may retraced as per cup and handle strategy. and go for up to 132 to 135 . also given day breakout on neckline.
Right time to buy.
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NSE:IOC is at very major resistance zone of a trendline which it had broken on 15 Dec, 2021. now it feels like it is taking a retest from here for a big downtrend continuation. if retest will pass then we can see a major downtrend or it will greak the record high if this trendline is broken on retest failure. Currently my views are bullish for it. will Go long...
The IOC is forming a channel and presently trading at its lower support. I has given a good breakout of the trendline and now it is ready to give us a good move upto it's resistance and it may go above too
Cmp - 111
Stop - Nil, Add more on relevant dips
T2 - 140, Review at 140
Expected Holding Period - 3 months or earlier for T1, 5 months or earlier for T2
Technicals - ✅, right
Fundamentals - ✅, will follow price
Ideas being shared only for educational purpose
Please do your own research or...
IOC most probably can show a reversal from this important level still we will wait for the breakout of the trendline and the marked levels for confirmation . Targets are marked.
IN breakdown scenario we can see 99.5 level.
📌 To Trade on This Chart, You Should Have Reversal Trading Knowledge. As Harmonic is One Of The Best Reversal Trading Strategy, But Always Remember That Harmonic Patterns Also Can Fail (there is no holly grail In Stock Market). That's Why One Should Must Have Knowledge Of Reversal Trading To Trade On Harmonic Patterns.
📌 As One can see, This Pattern...
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As we mark some trendlines and used some random indicators and in the end we have got the result that it may b give a breakout in bearish side.
if it breaks the trend line in bearish side the 1st price target will be 117.60 and 2nd price target will be 117.
if the trend breakout moves in bullish side then the 1st price target will be 119.55.
but the important...
Cup and handle pattern is formed in IOC daily and weekly time frame chart pattern waits for a clean breakout and then takes a long position.
Disclaimer:- This is only for educational purposes please do your own analysis before investing hard-earned money.