Indian Oil Corporation Limited (IOC) Stock - Complete Technical Analysis - Oct 14, 2024

Indian Oil Corporation Limited: Technical Analysis and Price Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Technical Analysis of Indian Oil Corporation Limited (IOC)

Indian Oil Corporation Limited is currently trading at 165.47, reflecting a price drop of approximately 15.92% from its 52-week high of 196.8, achieved on February 8, 2024. The stock also shows a significant rise of about 93.53% from its 52-week low of 85.5, recorded on October 26, 2023. Over the last five trading sessions, IOC has demonstrated notable volatility, with fluctuations evident in the daily open, high, low, and close prices.

The last transaction on October 14, 2024, recorded an opening price of 164.15, a low of 162.85, a high of 166.01, and a close of 165.47. This reflects a gradual recovery from earlier lows in the week, where we saw significant price action on October 9, 2024, when the stock opened at 167.79 but closed at 164.74, indicating a sudden price drop within the session. The trading volume during these fluctuations suggests strong market interest, particularly as the stock approached its recent high.

The technical indicators paint a mixed picture. The Average Directional Index (ADX) is currently at 16.23, indicating a weak trend, while the Relative Strength Index (RSI) at 42.9 suggests the stock is approaching the oversold territory. Stochastic indicators also reflect bearish momentum, with %K at 16.48, reinforcing the notion of a potential downward trend. However, the MACD is showing negative divergence, which could suggest that selling pressure is diminishing.

Support levels can be identified around 166.89 and 162.85, while resistance is evident near the psychological barrier of 175.45. Traders should remain cautious and watch for potential price reversals, particularly if the stock can close above the resistance levels. With a dividend yield of 7.25% and strong fundamentals, including a P/E ratio of 8.19, IOC remains an attractive option for value investors. Monitoring price trends and volatility will be crucial in the coming days to capitalize on potential trading opportunities.