IOC trade ideas
Indian oil, IOC ShortIOC is in a clear downtrend which gave us a nice bounce to the Kijun sen / 0.5 fib level followed by 2 days of rejection. Will be shorting the futures lot of feb 2020.
Short 115.45
Sl = 118.30
Target 1 = 109 , RR = 2.26
Target 2 = Open and trail with daily heiken ashi candles if trade works out in our favor.
OK I agree i was wrong once This trend is about to end , Yes i have made errors in identifying it earlier on this scrip
I was some what egar to enter the trade or i have no idea how i miss-read the structure basically i miss-read the last leg of impulse C wave with in the structure
Now i am looking two methods
01) It will crack the recent last low and then bounce back
02) or it will reverse completely and start moving up side
which one will happen i have no idea , but for sure one have to wait for complete bullish candle on daily time frame to enter this scrip and book profits using trailing exit method
IOC - Red AlertIf the stock doesn't bounce immediately it could easily go down to marked price of 91.
SL for this trade would be 111.
IOC Trade Setup !!TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 3-5 times.
#IOC - Just managed to keep its Head above WaterCompound Fulcrum. Can turn bullish above red trendline.
IOC : Bullish Shark 20-JAN-2020 (Positional)
IOC : Bullish Shark 20-JAN-2020 (Positional)
CMP: 117.50
Entry : 114-108
Targets : 119,126
Stop loss: 104.10 (Day closing below)
Chart by : Karthikdeva
Indian Oil Corporation (IOC)As per psychological Support & Resistance
Short Term Target= 122-23
Second Target= 129-30
Stop Loss=116-18
Long One can wait for drop up to 117 and reverse on daily time frame in order to Go for buy position
and can look to book near the forecast using trailing exit method
High probability trade Risk 2.5 Rupees Reward 35 rupees Buy at cmp on monday with a strict SL below 121.5
If it turns out to be right you can earn around 1 lakh + on one lot (in futures) however if it's wrong the max loss is 8-10 K
If trading in future buy Feb series future.
Suggestion and criticism is welcomed.
(Ideally as per harmonic trading you should trade this stock once it reaches level of 160 for shorting but i am taking risk by predicting CD leg which may or may not seem right to people)
IOC made bullish divergence on MACD histogram on weekly chartIndian Oil Corporation has given bullish divergence on weekly chart. The depth of histogram (bearish zone) is shallow via a vis previous bottom in price which made earlier.
Average Direction index just moved upward (>20) in weekly chart....Further, on weekly chart stock has taken support between 122-125 in last 3 occasion.
IT seems overall bullish pattern is formed for stock.
