Indian Oil Corporation Limited (IOC) Stock - Complete Technical Analysis - Dec 12, 2024

Indian Oil Corporation (IOC) Stock Technical Analysis Key Support & Resistance Levels Price Fore

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.

Detailed IOC Technical Overview:

Indian Oil Corporation Limited (IOC) is currently trading at 141.48, significantly below its 52-week high of 196.8, reflecting a drop of 28.11%, but it has recently bounced back from its 52-week low of 116.9, showing an increase of 21.03%. This could indicate that the stock is in a potential reversal phase, with key price levels providing insight into the next move.

Key Price Levels:

The stock is trading just above its 10-day and 20-day Exponential Moving Averages (EMA), which suggests mild bullishness, but the 50-day EMA remains a strong resistance. The support zone lies at the 140 level, which has held as a base in recent trading days. If the stock fails to hold at this level, the next support could be at 137.14, confirmed by the Camarilla Pivot.

Resistance Zone:

The stock faces resistance at the 144-146 range, with the Classic Pivot level at 146.41 and Woodie Pivot resistance at 146.34 acting as crucial barriers. If the stock surpasses this range, the next target could be near the 154 zone, with further resistance from higher pivot levels.

Technical Indicators Overview:

The MACD is showing a slight bearish bias, with a negative reading, indicating possible downward pressure in the short term.

RSI is neutral at 48.84, suggesting no strong trend, and the stock could go either way, depending on market conditions.

Stochastic RSI is nearing the overbought region, which could signal that the stock is due for a minor pullback.

Awesome Oscillator remains positive, reflecting some bullish momentum, while Bull Bear Power is also positive, indicating a slightly bullish sentiment.

Volatility Analysis:

The Average True Range (ATR) indicates significant volatility, with values ranging from 9.76 to 18.49 in recent days. This suggests large price swings, so investors and traders should be cautious and look for strong entry points around the support and resistance zones mentioned.

Conclusion:

Traders should closely monitor IOC's performance near the 140-146 range. A move below 140 could signal further weakness, while a break above 146 could unlock a bullish move towards 154. Keep an eye on the MACD, RSI, and other indicators for confirmation of the trend.