ONGC is in a small correction phase on the 15min chart. The stock has created a clear bear flag formation which can break to the downside. Shorts can be initiated after the levels of 133.75 have been broken.
Target 1 - 132.75
Target 2 - 130.80
Target 3 - 127.95
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ICICI Bank chart exhibiting two chart patterns, both indicating bearish bias. One is Bear flag pattern which imply bearish continuation and the other is Head & Shoulder pattern which illustrates prior trend reversal. Do notice a rising trendline as it may have some significance.
Bear flag pattern is valid as the price has cracked below 428.75. Considering that...
Tata Motors, which has been already week on the back of Brexit and JLR performances has traded along a bearish Price action recently. Apparently we could observe a Bear Flag pattern which suggests a very deep drop in price. According to the pattern the stock is set to fall to 125 and that is a big 25% fall. Noticeable supports are at 160 and 152.
Tech Mahindra appears weak in chart. Earlier there was a Double Top pattern and currently we could see a valid Bear Flag pulling price downwards. Now that the stock is hovering around double top target levels of 700, which also being a round number the stock might pick it as a support and perform some recovery.
However, the recovery to be considered as a trend...
From the trendline, the pair made a strong impact move and then formed a corrective structure.
With the completion of ABC waves, the pair is poised to kickstart its next bearish rally.
Hence, we expect the pair to move to the support levels at 1.50379 and 1.49305.