ONGC looks strong after a period of small volume candles.
The theory behind such moves is - There is a period of accumulation happening over a time and then a sudden surge in volume to take price up. The price rise needs to follow through to keep the trend going. If you look at chart, there are big green candles and small red candles after the surge. This makes it a probable candidate for further move up
The price expected to rise till next supply zone that is marked in charts
The closer you go for a buy near the demand zone - the better it is - keeps the risk-reward in favour.
Stop loss , targets mentioned on the chart. Trade as per your risk appetite
Please make a note - this is short term recommendation and the chart is of ONGC Futures. If you trade on equities, please use that chart
Happy Trading
MSK
The theory behind such moves is - There is a period of accumulation happening over a time and then a sudden surge in volume to take price up. The price rise needs to follow through to keep the trend going. If you look at chart, there are big green candles and small red candles after the surge. This makes it a probable candidate for further move up
The price expected to rise till next supply zone that is marked in charts
The closer you go for a buy near the demand zone - the better it is - keeps the risk-reward in favour.
Stop loss , targets mentioned on the chart. Trade as per your risk appetite
Please make a note - this is short term recommendation and the chart is of ONGC Futures. If you trade on equities, please use that chart
Happy Trading
MSK
Trade closed: target reached:
Hope you guys made some money on this