IOC has run a lot . If Intermediary (3) is ending it will correct to minimum Rs 405 and more. Now the great puzzle is, is the wave v - circled in minor 5 extending . There are two points
1. RSI is equal at iii and v- circled . iii should have the highest RSI.
2. Although volume is not more than in iii or (iii) . But is rising in v - circled.
3. Wave iii -...
IOC is showing Up Flag pattern which is a Bullish pattern with a nice breakout with good volume.
Target around 470
Also MACD showing a crossover 4 candles before the breakout
(this is just for study purpose, PROs please advice)
It is been observed on the daily chart that the price action firstly breaks out from a big downward or zig zag consolidation and then again consolidated in a small triangle formation and now it breaks out from that too, indicating a strong bullish move ahead.
Target 1: 400
Target 2: 410
Stoploss: 380
