IOC Range Breakout Confirmed | Bullish Momentum Building Toward

NSE:IOC – Strong Bullish Setup with Range Breakout | Targets: ₹165 & ₹185

Indian Oil Corp Ltd (IOC) has shown a decisive breakout from a prolonged consolidation range, signaling strong bullish momentum. Price has crossed the resistance zone around ₹150–₹151 with significant volume, confirming the breakout.

Key Technical Highlights:
RSI Bullish Divergence: Notable RSI divergence spotted near February lows, which was a precursor to the ongoing reversal.

Trend Reversal Confirmation:

New High formed in March 2025

Higher High confirmed in May 2025

20 EMA (orange) is trending upward and has acted as dynamic support.

Range Breakout occurred recently, marking the start of the next bullish leg.

Upside Targets:
Target 1: ₹165 – Previous supply zone and horizontal resistance

Target 2: ₹185 – Major resistance zone and previous swing high

Indicators:
RSI: Currently at 69.95, near overbought but supports continuation in strong uptrends

Volume: Breakout accompanied by a volume spike – strong institutional activity

Support:
Immediate support at ₹143 (previous range high and breakout level)

Bias: Bullish
Timeframe: Daily
Trade Setup: Buy-on-dips or breakout retest entry
Disclaimer: Not financial advice. Please do your own research or consult a registered financial advisor.