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Let's dive into the 3-hour candlestick chart for Indian Oil Corporation Limited (IOC), a leading Indian oil and gas company.
Here are some key insights based on the 3-hour chart:
Current Trend: IOC has been trading in a sideways trend, with a slight uptrend over the past few hours.
Resistance and Support: The stock has a strong resistance level at around ₹155-156 and support level at around ₹150-151.
Bollinger Bands: The Bollinger Bands are contracting, indicating decreased volatility in the stock.
Momentum: The RSI (Relative Strength Index) is around 50, indicating that the stock is in a neutral zone.
Candle Patterns: The 3-hour chart shows a bullish Engulfing pattern at around ₹152-153, which is a bullish reversal signal.