indiamarketoutlook
Long

ONGC - Bullish Harami Cross Pattern

NSE:ONGC   OIL & NATURAL GAS
A Bullish Harami Cross pattern has been observed in daily charts of ONGC             stock.

It is a good bullish reversal pattern, which is even more significant than a regular Bullish Harami.

Recognition Criteria
1. The market is characterized by a prevailing downtrend.
2. A red body is observed on the first day.
3. The Doji that is formed on the second day is completely engulfed by the body of the first day.

The outline again looks like a pregnant woman, as with the Bullish Harami Pattern. However, now the baby is a Doji . Basically, the pattern is characterized by a red body followed by a Doji that is completely inside the range of the prior black body.

The price should close above at least 50% of the red body which in this case comes at 185.6


Target: 190 / 196 in Short term and 219-241 in Medium term

Stop Loss can be placed just a tad below the low made on either of the 2 days (a couple of points below 183 which is the low formed on 30-Mar-2017).

Risk::Reward Ratio is at 1 :: 3.66

Take care and safe trading...!!!
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