ONGC wave analysis
ONGC in corrective wave ABC..
of which wave C(5) in progress..
ONGC has cluster of fibonacci ratio support near 281.
and below that next support is 270
Till now low made 282.50
Upside immediate resistance is 302-305
Currently trading sideways..
Buying opportunity :
conservative view : Breaking of 0-2 trendline
Aggressive view : when ONGC makes low near support and MACD gives +ve Diversion.
Being its last C(5) wave so shorters should stay cautious now.
Disclaimer : I am not SEBI registered. Its just the elliott wave analysis posted on chart.
of which wave C(5) in progress..
ONGC has cluster of fibonacci ratio support near 281.
and below that next support is 270
Till now low made 282.50
Upside immediate resistance is 302-305
Currently trading sideways..
Buying opportunity :
conservative view : Breaking of 0-2 trendline
Aggressive view : when ONGC makes low near support and MACD gives +ve Diversion.
Being its last C(5) wave so shorters should stay cautious now.
Disclaimer : I am not SEBI registered. Its just the elliott wave analysis posted on chart.
Note
ONGC made 280.55 ... wave c(5)Note
ONGC made low 280.55 ... wave c(5)
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