MOIL is trading in parallel channel. Breakout will be above 160 but we'll wait for daily close above 165 to confirm reversal and formation of higher top. Above 165 target would be 200 with SL below 150 .
RSI and CCI is confirming direction of the trend.
Rounded Bottom Pattern formed in a downtrend.
Waiting for the charts to close above 200.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Seems like MOIL is forming a H & S pattern on daily charts. I have seen several smart chartists in this forum reporting it as a LONG.
Can someone help me in identifying whether this is a wrong pattern?