Symmetrical traingle has been in formation for some months . But it failed to breakout upside. Instead it brokedown and it has a bear closing on today's daily candle.
Cmp is around 378.
1st setup : Short trade ( Intraday )
Depending on tmr's opening, trade can initiated at two levels.
a - 382 to 384 level on retracement.
b - Below 378 on bearish candle...
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I am neither professional nor a registered analyst with SEBI or any other body, I read price and time charts for my own study and may or may not take any position on any of them.
If I share my study with you, it is purely for Study purpose, and any Profit/ Losses arising out of anyone taking any position shall be at their sole risk and...
Price movement has reached the Trendline resistance again.
Watch it for close above 407 for next two days.
for 11/12/17 A gap up above 407 and sustain will confirm the breakout provided if volumes support.
or else wait for two days for price action to go long on breakout.
IOC has been moving in a triangle for a while. After a recent consolidation at its base and a duoble bottom, it made a big leg up to it trendline, may reverse frmo there or make a flag before breaking out to the next trendline, or making a leg down to th base again. FIB levels looks good and coincides withthe sup/resistance and Trendlines.
Last month on 16 Nov when IOC was at 393, we covered the stock and expected it to consolidate between 380-410...
Well November month ended and guess what where the stock ended. It was still at 393...
One may consider to sell as mentioned in the chart
It can fall to 374 / 368 levels
Pattern gets invalidated if IOC closes above 405 levels
IOC is taking a support at ~387 thought difficult to get a actual support line. But based on the chart this was a Resistance level and now is acting as support. For the short term the tops are getting lower and lower. The wedge formation has to end. the wedge started with a upward move hence it should move up once the wedge is over. Also rising oil prices is...
The stock looks likely to have made a triple top around 430-450 band
- the stock is now trading below the yellow zone making it look weak
- staying below the yellow line zone the stock may potentially head towards the green line zone around 360...
- immediate support at 380 levels highlighted with dotted red line
- sustaining above 405-408...