rishiguy

ONGC: Long Analysis.

Long
NSE:ONGC   OIL & NATURAL GAS
ONGC rallied from around 100 levels back in April to about 128 odd levels in June. Since then it has corrected down to 112 and seems to be taking support there. From there it is improving its structure and trying to create higher lows. It has completed a 50% retracement of that rally from 100 to 128, all the while travelling in a downward channel but now it seems to be breaking out of it.
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One could try to go long keeping the following levels in mind. Do initiate the trade only when you observe that the price is sustaining above the "LONG ABOVE" level for some time.

LONG ABOVE: 118.50
STOP LOSS: 114.85
TARGET 1: 122.15
TARGET 2: 125
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Manage risk properly and trade your plan.
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Comment: Entry initiated above 118.50 on 30 August 2021.
Trade closed: target reached: Target 1 has been reached on 03 September 2021, at 122.15, waiting for target 2.

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rishiguy iahmed964
@iahmed964, Entry not triggered yet, to be entered above 118.50 as mentioned on the chart. Do wait for a 15min candle close above that level to consider initiating the entry.
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