AjayChauhan

ONGC- Ready for a big move up?

Long
NSE:ONGC   OIL & NATURAL GAS
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7
The stock on the daily chart has been following the channel (purple) almost perfectly and has now broken it completely and it might act as a support for the next big move up. The trendline was broken on the upside earlier on 04/10 but the stock corrected and came back within the shaded area on the next day, though it did not hit bottom and the downside stopped at our support/resistance level from july 2015. Even the weekly charts show that the stock is within the same channel which further supports our theory. The stock in my opinion is poised for a big move up in the near future where it might go on to touch previous s/r levels of 301.
This is my first post and i'm still a beginner so i would love to hear your comments and ideas!
Trade active: The price went down to 274.7 level which is the price where red line intersects the channel, thus showing support along the channel and making the long call an active one.
Trade active: The price came down back to touch the support line today and closed significantly higher thus confirming support and also showing a continuation of the trend in the near term.
Trade closed manually
Comment: did not hold support. one can wait for it to reemerge out of the channel before going long again now.