IOC at a Crossroads: Will Bulls or Bears Dominate Next?
Indian Oil Corporation (IOC) is at a crucial juncture with key levels shaping its next move.
Key Levels:
->Resistance: ₹180-₹190 has been a strong barrier.
->Support: ₹129.60 is a critical support level.
->Intermediate Resistance: ₹145.51 is acting as a key hurdle.
Trend:
->Overall: The stock remains in a downtrend, trading below the descending trendline.
->Short-Term: There’s a slight recovery, but the downtrend still holds.
Volume:
>Recent volume indicates participation at key levels but lacks strong bullish momentum.
Strategy:
>For Bulls: Wait for a breakout above ₹145.51 and the trendline for a potential rally towards ₹160-₹170. Keep a stop-loss below ₹140.
->For Bears: If IOC fails to break ₹145.51, consider shorting with a target at ₹129.60 and a stop-loss above ₹146.
What’s your take on IOC’s next move? Share your thoughts in the comments!
Key Levels:
->Resistance: ₹180-₹190 has been a strong barrier.
->Support: ₹129.60 is a critical support level.
->Intermediate Resistance: ₹145.51 is acting as a key hurdle.
Trend:
->Overall: The stock remains in a downtrend, trading below the descending trendline.
->Short-Term: There’s a slight recovery, but the downtrend still holds.
Volume:
>Recent volume indicates participation at key levels but lacks strong bullish momentum.
Strategy:
>For Bulls: Wait for a breakout above ₹145.51 and the trendline for a potential rally towards ₹160-₹170. Keep a stop-loss below ₹140.
->For Bears: If IOC fails to break ₹145.51, consider shorting with a target at ₹129.60 and a stop-loss above ₹146.
What’s your take on IOC’s next move? Share your thoughts in the comments!
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