Indian Oil Corporation Limited Stock Forecast

Weaker technical forecast for Indian Oil Corporation Limited as stock downgraded to Sell Candidate.
(Updated on May 03, 2024)

IOC.BO Signals & Forecast

The Indian Oil Corporation Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹171.50. On a fall, the stock will find some support from the long-term average at approximately ₹168.47. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -3.39%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Tuesday, April 23, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Indian Oil Corporation Limited stock

Indian Oil Corporation Limited finds support from accumulated volume at ₹168.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹5.55 between high and low, or 3.28%. For the last week the stock has had daily average volatility of 3.81%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (IOC.BO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Indian Oil Corporation Limited to open at ₹171.75, and during the day (based on 14 day Average True Range), to move between ₹164.72 and ₹176.88, which gives a possible trading interval of +/-₹6.08 (+/-3.56%) up or down from last closing price. If Indian Oil Corporation Limited takes out the full calculated possible swing range there will be an estimated 7.12% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹168.95 (1.08%) than the resistance at ₹173.85 (1.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Indian Oil Corporation Limited stock A Buy?

Indian Oil Corporation Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.

Current score: -1.534 Sell Candidate Downgraded

Predicted Opening Price for Indian Oil Corporation Limited of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.