IOC NSE Stock Candlestick Charts Technical Analysis

 

IOC(INDIAN OIL CORPORATION) is the pioneer in refining,transportation and marketing of petroleum products in India.

For investing in any stocks,you need to look at large picture before adding it to your portfolio.
We look at larger time frames like quarterly and monthly charts before taking a decision.So below is a look at quarterly time frame chart.

 
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IOC(INDIAN OIL CORPORATION) Quarterly Chart Analysis

 

IOC-Quarterly-Time-Frame-Chart-Analysis

 

The quarterly charts  gives us a fair idea that this stock is in correction mode.Current price levels can be described as retail price levels.

You need to buy stocks at wholesale price levels and sell at retail price levels to other retail traders.This is what big institutional traders do.For better understanding of wholesale levels and retail levels look at simple diagram below.

 

stock-market-wholesale-and-retail-price-level-explanation

IOC Quarterly time frame intermediate swing fibonacci levels

Below you can see that current price levels of IOC is trading inside quarterly 50%-61.8% retracement levels.

 

IOC-Quarterly-Time-Frame-Chart-Intermediate-Swing-Fibonacci-Levels

This could be a reversal area for IOC.

Majority of stocks ends its correction mode once they reach crucial 50% and 61.8 % fibonacci retracement levels.

Any stock correcting below these crucial levels are not considered appropriate for buying.But if we take larger swing into consideration,we are also getting different fib levels.

Quarterly time frame larger swing fibonacci levels

When larger swing is taken into consideration,we have 50%-61.8% levels as 139-117.This entire region should be considered as support levels.

 

IOC-Quarterly-Time-Frame-Chart-Larger-Swing-Fibonacci-Levels

So if we combine both intermediate and larger swing fibonacci levels we get entire support zone of 159-117.As per weekly charts,we have started to see some buying.

 

IOC-Weekly-Time-Frame-Chart-Analysis

The current candle in progress is not looking good for buy.

So we need strong bullish candle in monthly to consider this stock for buying.

Current monthly candle of IOC signifies price rejection at lower levels.

As it made low,more buyers bought and took the prices up.

 

IOC-Monthly-Time-Frame-Chart-Analysis

If you buy IOC at current price,you should keep a stop loss of 145.55 which is current month low.

IOC weekly time frame chart support level

We have take the entire previous swing area as support levels for IOC.

Right now it looks like taking support from current levels.

 

IOC-Weekly-Time-Frame-Chart-Support-Level

More conservative approach on IOC will be entering with trend line breakout.

 

IOC-Weekly-Time-Frame-Chart-Trend-line-analysis
 

IOC (INDIAN OIL CORPORATION) Buy Or Sell ??

Aggressive buyers can buy at current price keeping stop loss of 145.55.

More conservative traders can wait for trend line breakout in weekly charts to buy.

If you are an investor,you should wait for one more bullish candle in monthly.

Conclusion:

IOC is now in correction mode and inside support levels.It has buying opportunity for aggressive traders right now.

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