Technical Pick – IOC
• IOC is finding support at 392 and resistance above 397.
•On Daily chart, IOC is showing tringle breakout point above 397 level.Break and sustain above 397 will see nonstop rally till 402--408 and then to 416+++ in weeks to come.
• IOC has been trading in a broader range of 282--462.60 for last one year.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 402--408 and then to 416+++ in weeks to come.
For positional trade, stop loss seeing below 392 on closing basis which in unlikely to breach in near terms.
Trading Recommendation(24th Nov 2017)
Buy IOC above 397 and for the initial upside target of 402--408 and then to 416+++ mark with stop loss below 392 on closing basis.
More will update soon!!!
