Positional trade: Indian Oil corporation

Why
1.higher high pattern
2. Forming bullish flag pattern
3. Retracement seen from level of 198 and took support at near 160. So 160 is crucial for this.
4.due to election ,oil price is stable, after election you might be see multiple hikes. So these companies will benefitted.
5. Trading above all important moving average.
6.fundamental is good.higher divedent paying Co.
7.target 200/ 230 stoposs daily closing below is 160.
8.trade as per risk.
Disclaimer: ideas doesnot advise you to take trade ,it is for training purposes .