ONGC enters accumulation zone

87 6
CMP 168


- 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

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...

Thanks, In now :-)
@hotpot64, Nice... All the best... :-)
hanks for analysis. so we can hold with SL 145?
@anupam2013, we will take 145 as a review zone...

so if it's giving a weekly close below 145 then yes that could be tricky...we will review derivatives data in that case and we look for exit opportunity

however if it comes below 145 on any day but is able to close above 145 by week end along with satisfying these 2 conditions

-bullish candlestick reversal pattern and
- volume indicator showing positiveness

then we might look to even add...

do keep in mind, this is more of a medium term view... with target of 220-240 which is roughly 50% return potential

so we need to give the stock the time it deserves and some flexibilty too...

if it does come we will keep an update on ONGC...

Hope it helps...

Thanks for detailed analysis.
@AMBRISH, welcome :-)
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