IOC : Booking Profits

Closed the position @104.05 on 07/11/2023.

Booked a profit of about 17.31% of the capital involved. This was a clean trade that moved perfectly according to the plan.

Price may make a further rally upwards for about 8%. But there are chances for that move to be pretty corrective and the downside risk is also high. So as of now booking profit is the most intelligent decision as per my trade plan.

Moreover I do have holding in other oil companies and hence if the sector moves as a whole I can still be part of it. So I'm booking profit in this position to take some chips off the table.

Will consider a re-entry if it falls back to the low of the parallel channel.

Further details, if any, will be updated underneath this post.