ONGC weekly chart is exhibiting confluence of three different trendlines:
1. An upward sloping trendline from Nov'20
2. A downward sloping trendline from Jan'18
3. The horizontal trendline at 120 price range
The price is is a super interesting place and we will be watching where the it will go from here, ready to bring out our ammo, whether it breaks up or down.
1. Cup and handle pattern was defined by William J. O'Neil in 1988
2. It is considered as a bullish pattern continuation pattern
3. In cup and handle pattern, volume of the security should decrease as price declines and remain lower than the average at the base of the cup
4. The volume should pick up when the price of the security moves higher
5. Target is...
1. BIG GAPUP, FOLLOWED BY BIG GREEN CANDLE .
2. PRICE SHOWED THE REAL FACE AFTER LOSING MOMENTUM
3. NOW AFTER BREAKING SUPPORT OPENING PRICE , THE PRICE HAS TO FILL THE UNNECESSARY GAP - UP
4. ON CONFIRMTION A SHORT WAS GIVEN
5. FOR THE TARGET FOR PREVIOUS DAY LOW
