Technical Outlook & Trading Strategy:-
The share price movement of IOC appears to be taking form of an Inverted Head & Shoulder pattern.
An inverted Head & Shoulder is a bullish pattern as it is associated with strong price up move once the share price records a breakout from its neckline.
In the case of IOC the neckline is placed at the levels of Rs 319-Rs 320. The measuring implications of the pattern suggest that following a breakout the share price could head towards the following price levels: Rs 334 / Rs 340.
We recommend traders to buy at current level with a stop loss placed below Rs 308.70 levels for targets of Rs 326 / Rs 334 /Rs 340 levels.
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