Indian Oil Corporation Ltd - Breakout OpportunityDate : 30-Jul-2024
LTP : Rs. 182.95
Next Resistances: (1) Rs. 196 --> (2) Rs. 227 --> (3) Rs. 276
SL : Rs. 160 on daily close basis
Technical View:
• NSE:IOC is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 196.8 on 8-Feb-2024, it has retraced 25% to 147.80 level.
• On 25-Jul-2024, NSE:IOC has broke out from its secondary down trend with higher than average volume.
• NSE:IOC is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI is trading in buy zone at 67.35.
• MACD is trading at 2.74.
• Looking good to start a new swing from here.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
