ONGC-Inverse Head & Shoulder Pattern Breakout ( Bullish )ONGC broke the neckline of the Complex Inverted Head and Shoulder on the daily chart with decent volumes and it is looking good for an upside run.
A complex inverse head and shoulders pattern, also known as a multiple inverse head and shoulders, is a bullish reversal chart pattern that indicates a potential end of a downtrend and the start of an uptrend. It's an extension of the standard inverse head and shoulders, characterized by multiple left or right shoulder peaks instead of just two. This pattern suggests weakening bearish sentiment and a potential shift in market dynamics towards buyers.
On the Daily timeframe, the stock is trading above its 11 day EMA and 22 day EMA,and RSI is at 60 and MACD is above zero line, suggesting positive bias.
CMP - 252
TARGET- 290 (15%)
SL- 245
Disclaimer: This is not a Buy/Sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
