Technical Analysis for Indian Oil Corp Ltd (IOC) – 1H Chart above 127 buy
Based on the provided chart, here’s a technical view with target (TGT), stop-loss (SL), and key levels.
1. Key Support & Resistance Levels:
Resistance Levels:
127.91: Strong resistance, previously tested.
133.58: Major resistance aligned with Fibonacci 0.382 retracement.
Support Levels:
123.93: Near-term support, aligned with price consolidation.
120.48: Stronger support level if 123.93 breaks.
110.67: Major support (Fib 0.786 level).
2. Fibonacci Retracement Levels:
50% (126.44): Price is struggling to stay above this level.
61.8% (119.88): A key Fibonacci support below.
3. RSI Indicator:
RSI is currently around 45-52, which suggests neutral to slightly bearish momentum.
A break below 45 could signal further downside.
Trade Setup:
Bullish View (Buy Setup)
Entry: Above 124.50 - 125 (wait for confirmation).
Target 1 (TGT1): 127.91
Target 2 (TGT2): 133.58
Stop-Loss (SL): Below 123.50 (previous support).
Bearish View (Sell Setup)
Entry: Below 123.50
Target 1 (TGT1): 120.48
Target 2 (TGT2): 110.67
Stop-Loss (SL): Above 126.50 (Fib 50% level).
Conclusion:
Bullish bias if price holds above 124.50-125 and breaks 127.91.
Bearish bias if price breaks 123.50, targeting 120.48 or lower.
RSI needs to stay above 50 for a strong upward move.
Indian Oil Corp Ltd (IOC) – Short, Medium & Long-Term View
1. Short-Term View (Intraday to 1 Week) – Neutral to Bearish
Current Price Action: Trading near 124, struggling at Fib 50% (126.44).
Resistance: 127.91 (strong barrier).
Support: 123.93 (critical short-term level).
RSI: Near 45-50, indicating sideways momentum with a slight bearish bias.
Short-Term View:
If 124-125 holds, expect a range-bound move between 124 – 127.91.
A break below 123.50 could lead to 120.48.
2. Medium-Term View (1 Week to 1 Month) – Cautiously Bullish
Uptrend Support: The broader uptrend remains intact unless 120.48 breaks.
Key Resistance: 133.58 (Fib 38.2%) – This level must break for further upside.
Medium-Term Scenario:
If IOC crosses 127.91, next upside target is 133.58.
Below 120.48, downside risk to 110.67 increases.
3. Long-Term View (1 Month to 6+ Months) – Bullish Above 133.58, Bearish Below 110.67
Strong Support Zone: 110.67-120 (Fib 78.6% & previous demand zone).
Long-Term Target: If 133.58 breaks, next resistance is near 140-145.
Downside Risk: Below 110.67, trend shifts bearish, possibly targeting 105-100.
Overall Outlook Summary
Timeframe Bias Key Levels Actionable Plan
Short-Term (1 Week) Neutral to Bearish **Support: 123.93 Resistance: 127.91**
Medium-Term (1 Month) Cautiously Bullish **Support: 120.48 Resistance: 133.58**
Long-Term (6+ Months) Bullish above 133.58, Bearish below 110.67 **Support: 110.67 Resistance: 140+**
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