pratik.p2
Short

Short ONGC: First target of 177

NSE:ONGC   OIL & NATURAL GAS
56 0 1
We are seeing the price is getting bounced from the lower end of the cloud. The first happened on May 03 and second occurred on May 11th. Though the cross over of blue line over the red suggests mild bullishness but it can be negated given the occurrence is below the cloud.If the blue line cross the red on the downtrend, it will be a strong short sell signal.

Confirmation can be seen both in the RSI where the lower tops in the price action is supported by lower tops in the RSI indicator.

The EWO             also has just got into the red zone indicating further downside
Comment: Target of 177 achieved:
But the bearish stand doesn't change. Next target is 164, but that will need 2-3 weeks.
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