IOC Symmetrical Triangle Breakout | Swing Trade Hi trader
This is Indian oil corporation Triangle Breakout.
This is my favourite setup for positional trade.
Note - Only for Education Purpose.
Iocbuy
IOC looking bullish (08/05/23).IOC on the weekly time frame seems to be at a prefect place for buying. The stock has given a break out of the parallel channel and is holding on the upper levels.
A nice bullish moving average crossover is there on the weekly charts, which indicates the bullishness the stock can show in coming weeks.
Stock holded the 20 ema after the break out of the moving average and gave a nice movement after a consolidation.
Buying opportunity will come on the lower levels, as it may test the parallel channel and start new bullish leg.
3 point confirmation.
1. Bullish moving average crossover (weekly).
2. Parallel channel break out and a retest.
3. Trading above both the EMAs (daily).
Support :- 81
Resistance :- 84, 93
Let the stock retest a support levels or forms a price action after the break out of 84 levels.
The support level is in confluence with the fibonnaci levels.
Wait for the price action near the levels before entering the trade.
Stock can be bought near the levels and for swing trades F&O can also be traded.
IOC BreakoutIOC Breakout upper side.
81 level Little hurdel.
If crossed & sustains it for 2 days..
Expecting Target : 84, 81
IOC @ resistance level IOC @ Resistance level
Buy above 73.20
Go for long once 74 crossed.
Now IOC recovery from low. Taking reversal
Next target 74.50, 75.50,77.85
Thank you
IOC : Indian Oil Corporation Ltd. BuyIndian Oil Corp. Ltd is India's flagship national oil company and downstream petroleum major.
CMP: 123.30
Target: 132-135+
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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IOC: BULLISHIOC BULLISH
Disclaimer:
The analysis is only for illustration purposes only. Please consult your financial advisor, agent, broker before acting on any information. We may or may not have positions in the stock and our actions may be contrary to the one mentioned here. This analysis may or may not be updated. We would not be responsible for the profit/loss resulting from this analysis.
