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Published on 21/08/2019 4:10:32 PM | Source: Choice Broking Pvt Ltd

Sell Oil India Ltd For Target Rs.133 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Oil and Gas Sector #Oil India Ltd #Trading Report #Choice Broking

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* On a weekly chart, the stock has already given a breakdown of its Neckline of Head & Shoulder formation which indicates a southward movement in the counter.

* Even the stock has made an all-time low with accentuated selling pressure which suggests further weakness in the counter.

* On a smaller time frame, the stock has been trading in a Downward Falling Channel formation since last many days which indicates a southward movement in the counter.

* A daily momentum indicator RSI reading is at 29.95 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions.

Recommendation

Sell Oil India Ltd @144.95-146.00 Stoploss 151 Target 133

 

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