1. ONGC has formed a double bottom on the 1 hour chart
2. Bullish wedge formed on the day chart.
3. Consolidation is observed between 109-118 range.
4. RSI has pulled back from overbought to 60, which leaves some breathing space between 60 - 80 levels.
The 3 observations above lead me to expect a potential 5th Wave (101-136) forming on the weekly chart during May to June.
107 is a strong support, hence stop loss at a dip below 107.
This trade has a risk to reward ratio of 2.41.
Comments on the idea are welcome!
2. Bullish wedge formed on the day chart.
3. Consolidation is observed between 109-118 range.
4. RSI has pulled back from overbought to 60, which leaves some breathing space between 60 - 80 levels.
The 3 observations above lead me to expect a potential 5th Wave (101-136) forming on the weekly chart during May to June.
107 is a strong support, hence stop loss at a dip below 107.
This trade has a risk to reward ratio of 2.41.
Comments on the idea are welcome!
Comment:
Risk of retracement persists until price breaks above 119.
Comment:
Price has touched 126 today. RSI is climbing upwards.
Trade closed: target reached:
Reached 134 today. Timing was delayed.