IOC looking bullish (08/05/23).IOC on the weekly time frame seems to be at a prefect place for buying. The stock has given a break out of the parallel channel and is holding on the upper levels.
A nice bullish moving average crossover is there on the weekly charts, which indicates the bullishness the stock can show in coming weeks.
Stock holded the 20 ema after the break out of the moving average and gave a nice movement after a consolidation.
Buying opportunity will come on the lower levels, as it may test the parallel channel and start new bullish leg.
3 point confirmation.
1. Bullish moving average crossover (weekly).
2. Parallel channel break out and a retest.
3. Trading above both the EMAs (daily).
Support :- 81
Resistance :- 84, 93
Let the stock retest a support levels or forms a price action after the break out of 84 levels.
The support level is in confluence with the fibonnaci levels.
Wait for the price action near the levels before entering the trade.
Stock can be bought near the levels and for swing trades F&O can also be traded.
