IOC forming symmetrical triangle on monthly chart, if breaks out of the monthly resistance , could have huge upside
Note: This is only for educational purpose
IOC chart analysis on a daily chart, in my view i am expecting a bullish breakdown from the triangle pattern. if it has a breakdown then we may expect a TGT at 128 and 101 will act as a support for now (sry mentioned wrongly as 110 in the chart)
Thank you,
The Fox Pack Traders
We can see huge upside in the coming days if this line breaks, that what my prediction says. Its been ranging at this range for a long time. If breaks, we can see a 52 week high, just hope that bull market doesn't end.
BUY : 107 TO 102
TARGET : 133
Reason For Buying This Script :
In this script it forming Elliott wave in monthly time frame.
Note :
Above given levels are based on monthly & weekly time frame . So be patience it will take some days to achieve the target.
ALL THE BEST ..
IOC is consolidating at previous resistance and also at fib level of 0.5. If daily Candle Closes above the Consolidation Zone Can take the Swing trade and target previous high.
IOCL WEEKLY CHART
looks steady n slow rising, with R/R of 1:1 target of 127 can be seen, also this is high dividend paying company can be kept in protfolio for healthy dividend of Rs. 12 per share giving dividend yield of 11%. Views are welcome on this.
IOC has a breakout form the pattern .It is good to short now the target is kind of good and the stoploss is also not bad. So take a short position in IOC to make handsome profit and don't forget to place the stoploss.
As nifty energy is at support one can see a similar pattern in IOC too and right now it's in consolidation too. Risk reward is very favourable with a stop loss of 102 on a closing basis.
