Indian Oil Corporation Ltd - Breakout Opportunity
Date: 30-Jul-2024
LTP: Rs. 182.95
Next Resistances: (1) Rs. 196 --> (2) Rs. 227 --> (3) Rs. 276
SL: Rs. 160 on daily close basis
Technical View:
•
IOC is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 196.8 on 8-Feb-2024, it has retraced 25% to 147.80 level.
• On 25-Jul-2024,IOC has broke out from its secondary down trend with higher than average volume.
•IOC is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI is trading in buy zone at 67.35.
• MACD is trading at 2.74.
• Looking good to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 182.95
Next Resistances: (1) Rs. 196 --> (2) Rs. 227 --> (3) Rs. 276
SL: Rs. 160 on daily close basis
Technical View:
•
IOC is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 196.8 on 8-Feb-2024, it has retraced 25% to 147.80 level.
• On 25-Jul-2024,
IOC has broke out from its secondary down trend with higher than average volume.•
IOC is trading above 21 DEMA, 20 DMA and 50 DMA.• RSI is trading in buy zone at 67.35.
• MACD is trading at 2.74.
• Looking good to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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