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 171â€“174.80 for the target of 187.50 with a stop loss below 165.