Indian Oil Corporation appears to be trading within a broader bearish structure on the daily timeframe, with price action continuing below both the 50-day and 200-day moving averages — indicating sustained medium-term weakness.
Wave C appears to have resumed downward momentum after rejection from the resistance band.
From an Elliott Wave perspective, IOC currently lacks bullish impulsive confirmation. Unless price reclaims and sustains above the invalidation level, rallies may continue to face selling pressure.
The ongoing structure favors:
Targets: 126 - 119 - 113
Wave C appears to have resumed downward momentum after rejection from the resistance band.
From an Elliott Wave perspective, IOC currently lacks bullish impulsive confirmation. Unless price reclaims and sustains above the invalidation level, rallies may continue to face selling pressure.
The ongoing structure favors:
- Trend continuation on the downside
- Lower highs formation
- Defensive positioning until reversal confirmation emerges
Targets: 126 - 119 - 113
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.