ONGC - Uptrend Channel in Progress (POWER OF CHANNELS)

It is been observed that the price action on daily chart formed two channels. Firstly a downward trending channel and secondly the upward moving channel. Indicating price change movement and change in control of dominance over price actions. Channels are powerful tools when it comes to finding trend. Therefor I would highly recommend to beginners to practise it well (given below educational series on channels) in order to improve your trading and managing your trades in right trending direction. They say " Trend is your friend" which I believe it important to know before entering any positions. Good luck, hope you gain something valuable out of it.

As per the ONGC trade,

It is ranging near the uptrend channel resistance and if it breaks above 256 levels then a positive up move can been seen, else it may retraces back from resistance levels. If it does then wait until it breaks 245 levels to initiate a short positions.


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