IOC is in uptrend forming a series of higher highs and higher lows. Presently it is in correction taking support at a 6 month long trendline and also at a previous resistance zone. For traders who are conservative in their approach can look for a green candle formation or can even wait for a break of yesterday s high, whichever way they feel comfortable.
IOC is ready for a sharp move in the coming week . These are the reasons
1. It has corrected exactly 38.2% (green panel) the rally i(350) to v (448) .
2. It has completed W-X-Y structure . So either this can morph into w-x-y-x-z structure . So we can either expect an X wave or an umpulse .
3. W : Y is 1:1 (not shown) .
4. It perfectly fits the corrective trend...
BUYing in this zone has a potential to reach 454, then upto 500 levels.
A bullish breakout has happened as expected. You can have a look at my previous post.
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Comments are Welcome.
Break of the trend line above and close , BUY
Break of the trend line below, NO BUYs
I will be looking closely at how price develops at this area.
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Hi All ,
Everything on chart. Minimum Target 435
No Naked Futures / Calls
3 strategy :
Buy April futures , Buy April 420 PUT
Buy April 420 calls , Sell april 440 or 430 calls
Buy April 420 calls 2 lots , Buy april 420 put 1 lot (Put /call combination as per ur chooice).
Note : Consult your financial adviser before investing ,...
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)