IOLCP positionally looking good

IOL CHEM AND PHARMA LTD (Weekly Chart) – Key Points

Trend:

The stock has finished a long consolidation (Wave ④) and is starting a new upward rally (Wave ⑤ expected).

Price Movement:

Current price: ₹101.47 after a recent sharp rise.

Important resistance to watch: ₹120–₹130 zone.

Momentum (RSI):

RSI at 67.59 — shows strong momentum.

Volume:

Rising volume near breakout, supporting the current price move.

Possible Scenarios:

If price breaks above ₹120–₹130 with good volume:

Likely starts a new strong rally (Wave ⑤).

Possible targets: ₹210–₹360.

If resistance holds and RSI turns overbought:

Short-term pullback or pause likely.

Support to watch: ₹90–₹100.

Summary:

The setup is bullish, but key resistance and overbought risks need monitoring before any new major upswing.