IOC - Breakout Candidate? Jump now or wait it out?

6 ก.ค.

Levels are marked for easy/better understanding.

The chart looks like a clean breakout

But the following aspects makes me feel that it could give one DIP before resuming higher.

RSI looks stretched and trading in overbought territory on hourly and 4 hour TF

Weekly SuperTrend is at 152 levels and we are almost close; hence, expecting some sort of supply at this zone

Price tends to consolidate / pullback after strength candles at regular intervals

The open counts in P&F charts suggests 154, 162 and 180; But please dont bet on this view through Options. P&F charts primarily focus on Price and not TIME.. whereas Options are time sensitive.



At 135-140 it was a very good buy and it is ideally should head towards 160 and 170 levels. Since we focus on Low Risk set ups, better to wait it out.


Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.

16 ก.ค.

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155 counts are done.. and then sideways.. 155 to 149 and trading inside 5 points range for the past week. it is still a waiting game I believe..