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For Education Only
DESCRIPTION GIVEN IN CHART. WAIT FOR THE CLEAR PRICE REJECTION.
Daily chart view
Weekly C> 177.85 required
For Target 201 / 223.30
OIL india has given a bounce from the strong support zone on weekly chart from trendline & Horizontal support and also RSI has bounce from support
Oil India may be in middle of flat A-B-C correction. Can swiftly rally to 182.3/ 187 on break of 173.60. Stop below 168.50
OIL (Oil India Limited) SELL BELOW 173.75
Its ready today , Going short on open and looking to book near forecast ,
Long above 175.15 with SL 171.85
Buy if the last swing high (lower high) is broken with aforesaid stop loss.
Alternatively, Sell 165 PE at 2.5
CHANNEL BOTTOM TESTED FROM LAST 3 WEEKS
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mentioned on chart..
Added zig zag lines connecting Swings
Long idea based on weekend level 5 and that it has broken previous support levels
OIL (Oil India Limited) #BUY ABOVE 178.3
A swing high is always accompanied by two successive lower highs