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IOC wedge, support ~390, under pressure oil pricesIOC is taking a support at ~387 thought difficult to get a actual support line. But based on the chart this was a Resistance level and now is acting as support. For the short term the tops are getting lower and lower. The wedge formation has to end. the wedge started with a upward move hence it should move up once the wedge is over. Also rising oil prices is keeping this sector under pressure. BSVI fuel subsidy /incentive if announced for the oil companies we can see a upward to 450 levels.
NSE:IOCLong
by JyotiSahoo
ONGC - Bullish Harami Cross Pattern A Bullish Harami Cross pattern has been observed in daily charts of ONGC stock. It is a good bullish reversal pattern, which is even more significant than a regular Bullish Harami. Recognition Criteria 1. The market is characterized by a prevailing downtrend. 2. A red body is observed on the first day. 3. The Doji that is formed on the second day is completely engulfed by the body of the first day. The outline again looks like a pregnant woman, as with the Bullish Harami Pattern. However, now the baby is a Doji. Basically, the pattern is characterized by a red body followed by a Doji that is completely inside the range of the prior black body. The price should close above at least 50% of the red body which in this case comes at 185.6 Target: 190 / 196 in Short term and 219-241 in Medium term Stop Loss can be placed just a tad below the low made on either of the 2 days (a couple of points below 183 which is the low formed on 30-Mar-2017). Risk::Reward Ratio is at 1 :: 3.66 Take care and safe trading...!!!
NSE:ONGCLong
by indiamarketoutlook
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