Indian oil corp has given a breakout on its trend and it looks good to go long. What do you see?
Trade wisely...
Disclaimer: This is just for educational purposes.
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
IOC looks bullish for a Swing . CMP-RS. 111 , Prediction through analysis - RS.130-135.
Reasons-
1) Great quarterly results.
2) Cup with handle chart pattern.
3) Resistance breakout .
Ps- I am not SEBI registered. This is for educational purpose only. I would love your view.
As you can see in the chart, the stock price is currently at a weekly resistance (higher time frame resistances/supports are found to be very strong). I would expect a 50% pull down of the 4.94% rise up today that is to the white box marked in the chart around 107.8 region. Also to support my analysis the rsi indicator is way overbought(above the 70 line) on all...
IOC could take support on the trend line it just broke on weekly chart. It is forming a cup and handle pattern and could give a breakout in coming week, need to wait for it to form the handle and give a breakout. It is also forming an ascending wedge.
The results have also been great for IOC.
NSE:IOC sits on better, cleaner and futuristic plans for 'fuel' of the next Decade.
Hydrogen and electric based fuel to various vehicles is the narrative all the Automobile based companies aim for.
Therefore companies like IOC, BHEL, BEL etc. are all stocks to hold on for a decade or two until this 'future' manifests.
Stock has generated great volumes in past few days.
It is at a long standing trendline which if broken can bring at least 5-10% upside.
Levels are mentioned in the chart.
P.S. Wait for candle close above 105
It seems this stock is preparing for CA -Failing again and again 🤣🤣(unable to surpass the lvl of 105-107.....New investors don't get trapped here at this lvl... Go long only on sustained closing above 108 for Target 120 and more)
I
Note- This is my personal view point based on simple demand and supply function
Do like, Share and comment if you have any...
After a year, IOC breaks 3 digits levels, and this time, if it holds resistance at 101 then the coming week target, will be achieved of Rs 116 with stop loss for short-term traders @98.. But if your view long term then no stop loss and also :
1. Last two trading include today- the big volume of trade was executive and last time such volume was there then it gives...
