Is IOC Heading To 90 (1.00)?
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. Morever, Wave C appears to have resumed downward momentum after rejection from the resistance band.
The ongoing structure favors:
✅ Trend continuation on the downside
✅ Lower highs formation
✅ Defensive positioning until reversal confirmation emerges
Targets: 126 – 119 – 113
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.
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Great work , bottom good
I still see room for a much deeper move lower. what you say?
Update nifty sir
Kya lagta hai market? Aur girega?