A strong technical setup is emerging for the Indian Oil Corporation (IOC). Could this be the breakout you’ve been waiting for?
IOC is trading at ₹176.6. Consider buying within ₹174-₹177, targeting ₹196, with a stop loss at ₹162—potential upside: 11%.
IOC is close to breaking out from a six-month triangular consolidation pattern, signalling a potential strong upward move.
The stock has formed a strong base at the 20-week EMA (₹167), which has consistently acted as a solid support, enhancing growth potential.
IOC is expected to rise to ₹196, aligning with its previous all-time high and the 138.2% external retracement level—key price milestones.
The technical indicators suggest a favorable risk-reward scenario, making IOC a promising buy for those seeking solid returns.