IOC Elliott Wave Analysis

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 IOC daily chart

IOC hourly chart

In daily chart of IOC, prices continue to move in a positive direction by crossing its previous high, this opens positive possibilities. Also it is very much possible for the stock to cross its previous high in coming weeks. However, RSI is in overbought zone and is relieving from it.

From hourly chart, after making a low near to around 72, higher highs and higher lows is clearly visible. Prices are all set to cross its recent high and can move up further in coming trading sessions. With a support at 81 the stock can travel till 88-90 levels.

As per wave analysis, the stock is moving in a double correction (a-b-c-x-a-b-c). Where it has completed wave a and wave b of second correction and now it is expected that wave c will open higher.

The summation is IOC is all set to soar till 88-90 levels over short term with support at 81 (closing basis).

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