INDIAN OVERSEAS BANK --WEEKLY CHART --TRENDLINE BREAKOUT
1. Trendline breakout seen on weekly chart above 20 level
2. Double bottom formation seen at 15.50 level from where stock at uptrend following trendline .
3. RSI seen above WMA and above 60 level at bullish zone
4. stock above 50,100,200 SMA
5. one can inituate Long position at breakout level 21-23...
As can be seen due to favorable exchange rate for exporters this issue has risen significantly and is trading above all indicators except tenkan, which means the stock is taking a breather also, the cloud B line is flat which is concerning and can attract towards it. look for dips and reversal candle formation on weekly basis for buy in the scrip.
