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
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
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...
