Stock Queries - Indian Overseas Bank (IOB, 532388)

There is a query from a reader of the blog on IOB.

The question is whether to exit or hold on to a profit making position in IOB.

TA Chart - IOB

This is the weekly chart of IOB.

As one can see, RSI is approaching a high resistance zone and stock price is also approaching the earlier top

at 141.

So the wise thing would be to book profit around 138 and wait for the stock to make a breakout

and then enter again on retracement.

If stock crosses 141, it will retrace to 121 level where entry can be made again for targets of 168 and 204.

Those who hold this stock should maintain a stop of 105 which will be the trend reversal pivot for IOB

in the weeks to come.

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Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.