Breakout in Indian Oil Corporation...Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
IOC trade ideas
Good short opportunity for IOCAs you can see in the chart, the stock price is currently at a weekly resistance (higher time frame resistances/supports are found to be very strong). I would expect a 50% pull down of the 4.94% rise up today that is to the white box marked in the chart around 107.8 region. Also to support my analysis the rsi indicator is way overbought(above the 70 line) on all the timeframes which shows a pull to the downside in the upcoming days.
Double Crossover Breakout Possible ! Dear traders , IOC can shoot like a rocket if this double trend line crossover is broken. A good breakout with volumes can make this stock multi-bagger as this is weekly chart so target levels will be high.
This chart analysis was done by me only for educational purpose. Feel free to share your feedback/queries.
IOC possible cup and handle pattern on support breaking trendIOC could take support on the trend line it just broke on weekly chart. It is forming a cup and handle pattern and could give a breakout in coming week, need to wait for it to form the handle and give a breakout. It is also forming an ascending wedge.
The results have also been great for IOC.