ONGC enters accumulation zone
Updated
ONGC
CMP 168
Observations
- From Feb 2016 to Feb 2017 The stock has risen from 125 odd levels to 211.80
- However since then the stock is currently in down trend
- Now 168.5 & 158 represents 50% retracement & 61.8% retracement of the rise from 125 odd levels to 211.80 respectively
If this zone holds as support then that could be early signs of reversal
[Closer to 158-162 will be worth accumulating from risk:reward ratio perspective]
Confirmation will come once it starts sustaining above 178-182 zone levels
This is a medium term view & 220-240 levels can be looked as initial target zone
Stop can be kept a tad below 145 on weekly closing basis for the current setup
Take care & plan your trade accordingly...!!!
Happy investing
CMP 168
Observations
- From Feb 2016 to Feb 2017 The stock has risen from 125 odd levels to 211.80
- However since then the stock is currently in down trend
- Now 168.5 & 158 represents 50% retracement & 61.8% retracement of the rise from 125 odd levels to 211.80 respectively
If this zone holds as support then that could be early signs of reversal
[Closer to 158-162 will be worth accumulating from risk:reward ratio perspective]
Confirmation will come once it starts sustaining above 178-182 zone levels
This is a medium term view & 220-240 levels can be looked as initial target zone
Stop can be kept a tad below 145 on weekly closing basis for the current setup
Take care & plan your trade accordingly...!!!
Happy investing
Trade active
candlestick pattern has given signs of reversal... Game on...
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