IOC: An interesting consolidation since jan24 will it breakout?Indian Oil Corporation Ltd. an interesting chart under price consolidation and an interesting chart to keep on radar.
1. RSI on all time frames above 60
2. Narrowing Bollinger Bands on weekly chart
3. Price Consolidating in zone of 147-189 since jan-2024
4. Major Price support near 164-170 zones
Will it breakout ?
or
Will it fizzle out ?
or
will it continue its consolidation in Sep also ?
Lets See How it Evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Long