Traders can accumulate the stock in the range of 171–174.80 for the target of 187.50 with a stop loss below 165.
After prolong corrective phase, MOIL has witnessed a breakout from its consolidation pattern at 173.15 levels on the daily chart. The counter has taken a support at its 200-EMA on the weekly time frame charts.
Earlier, whenever the stock has retraced near its 200-EMA it has respected and moved higher from that level. Each candle has a closing above the prior candle close from the past three weeks which suggests strength in the prevailing trend.
A bullish crossover in the daily RSI is being witnessed which may induce a positive shift in the bullish momentum in the stock price. Traders can accumulate the stock in the range of 171–174.80 for the target of 187.50 with a stop loss below 165.Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.