IOB - Stock to watch

IOB is at a nice level for some action on either side.

• It has broken 127% line at 117.2 on strong volumes, as reflected from the Accumulation Distribution Chart
• It is at the top of a channel formation. So the chance of a breakaway or a correction on the stock is imminent.
• MACD signal has just been broken giving a 'buy' signal on the stock while RSI is relatively expensive
  

It will be a good stock to watch the run incase the stock breaks the channel formation as it will give a buy signal for the stock. However, if the stock retracts from this level, expect the stock to retract to Rs. 112 and if it still not comfortable at that level, this stock can fall to Rs. 106 from the fibonacci charts.