Breakout from Channel Pattern in ONGC. Go Long in ONGC

ONGC has given strong breakout from channel Pattern. Volumes of 3X can be seen on the breakout candle.

Do not jump in to trade at CMP. Wait for retest of trend line. As the market is looking weak, re test of trend line is possible.

Enter between 77.8-78.5 range. Target will be 85 and SL will be 75.25

Comment:

ONGC is coming back for retest of trend line as expected.

How do we know whether it is retracement or reversal?

Its very simple, we have to look at the volumes.

The volumes in yesterday and today are very less when compared to breakout candle.

Wait for entry between 77.8-78.5.

Comment:

Ongc now at 78.3, placed order at 78.00, lets see if i can get it.

Trade active:

Entered in Half quantity at 78.15

Comment:

ONGC moving as expected. After kissing the trend line, started moving up now. up by 1.5% today.

Comment:

ONGC up by 4%. Enjoy the move.

Trail your SL to cost and wait for the target.

If ONGC closes above 82 today, we can expect 85 level within 2-3 days

Comment:

ONGC up by 2.7% and moving towards the target of 84.5.

Enjoy the ride

Trade closed: target reached:

Target Reached. Cheers

Risk/Reward:2.2