ONGC Weekly Channel Support

Below is the weekly chart of ONGC , which is showing that the stock is trading in a channel. In last week the stock has made low of 115.75 and completed their cycle of a channel. Now the stock has closed above channel support and we are expecting a bounce from the current levels. Also company has recently announced a dividend that is 7 rupees per share.

If we see a daily chart of ONGC then the stock has opened gap down on last Friday and closed at day high. On the chart, the stock has given confirmation of Bullish Engulfing chart pattern and that is the strong confirmation at least 5% bounce from current levels. We can buy stock from current levels or on dips till 120 with the stop loss of 115 on a closing basis and looking targets 130-135.
Comment: This week high 129.90, just 10 paise away from 1st target
Trade closed: target reached: Both done
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