OIL INDIA looking to breakout from a supply zone!
Updated
The stock has been in congestion zone from past 3 months. During this period INR300-305 acted as a demand zone while INR 325-330 zone has been a seller's favored zone.
The stock is spotted today breaching a minor trend line resistance with good volumes. This could be an early sign of the intentions of the stock(or rather the buyers) to clear above the 325-330 zone for good this time around.
Upon a decisive close above INR 330 mark the stock could very quicky attempt to move towards the INR 360 mark.
On the downside 312 could be a good place to consider to place a SL order for a target of 360(RR 1:3).
Note*- Please do your own analysis/research before making any trading decisions.
The stock is spotted today breaching a minor trend line resistance with good volumes. This could be an early sign of the intentions of the stock(or rather the buyers) to clear above the 325-330 zone for good this time around.
Upon a decisive close above INR 330 mark the stock could very quicky attempt to move towards the INR 360 mark.
On the downside 312 could be a good place to consider to place a SL order for a target of 360(RR 1:3).
Note*- Please do your own analysis/research before making any trading decisions.
Note
stock is attempting to close above 330zone today. Volume is on the high side.Trade closed: target reached
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