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ONGC- Is it ONGC or OUCH!!! (Will You Buy or Sell?) Elliott Wave20th Feb 2025 Last time, ONGC traded at ₹241 on February 20, 2025 , as shown in the snapshot. Today, February 28, 2025, the stock hit a low of ₹223. The big question—Is this a buying opportunity, or is more downside ahead? Let’s break it down: Double Divergence Unfolding - The RSI image on the daily chart (shown above the price chart) indicates a potential reversal. - Price is making lower lows, while RSI is making higher lows— a regular bullish divergence , signaling that the downtrend is losing strength. Waiting for the Final Leg Downside ( Since 20th Feb 2025) - Though the stock has dropped to ₹223 lows as of today ( 28th Feb 2025), we are possibly in the last phase of the correction before a reversal attempt. Trendline Confluence – Price vs. RSI - Price chart: The stock has touched a falling trendline three times (1st, 2nd, and 3rd touch points), which could act as dynamic support. - RSI image: A rising trendline with three touch points suggests regular bullish divergence, strengthening the case for a potential bottom formation. Andrew Cardwell’s RSI Magic - According to Cardwell’s RSI principles, a rising RSI against a falling price often signals an upcoming reversal. Final Thought - If the RSI divergence holds, ONGC might be nearing a trend reversal, making this a potential buying opportunity. - However, a break below ₹223 with increasing momentum could invalidate this setup, opening doors for further downside. Would you buy at these levels, or are you waiting for more confirmation? Have a great weekend Catch me with another exciting idea from WaveTalks- Market Whispers! Can You Hear Them? ONGC - The Big Idea - Did You Check Them? Regards, Abhishek WaveTalks
NSE:ONGC
by WaveTalks
6
ONGC - Did You Get Trapped in an Irregular Flat? – Elliott Wave I Told You So… The Market Whispers! Can You Hear Them? Back in April 2024, I warned you to be careful as the stock approached key resistance at 314, forming a Bearish Bat pattern with a Potential Reversal Zone (PRZ) between 300-275. The stock topped at 287, right at the edge of invalidation. Yet, if you got convinced of the rally above 300, then unfortunately, no one can help—but I did my job of warning you months in advance. This reminds me of BHEL, the stock we discussed a few days back. Let us talk about ONGC. The Irregular Flat structure caught many off guard. Did you get trapped? Because if the current wave unfolds impulsively, which it just started from the highs of 345, then welcome to reality! Warning Through Last Idea in April 2024 As shown in the chart snapshot, how Irregular Flats look has been illustrated next to the price chart. I have depicted the irregular path of flats that could unfold. This is how markets deceive, creating irregular structures that mislead traders. Elliott Wave calls this pattern an Irregular Flat—a trap that looks bullish before a sharp reversal wipes out weak hands. The Lesson? Patterns speak… if you listen carefully. I shared my insights long before the structure unfolded—and yet, if you got trapped, you now know why. Catch me later with another exciting idea of WaveTalks, Market Whispers! Can you hear them? Disclaimer: Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
NSE:ONGC
by WaveTalks
10
BankNifty - 3000+ Points Fall With A Simple Trendline?BankNifty Analysis Current Scenario: - As discussed earlier, the rising trendline has been limiting the upside movement since the RBI Policy announcement on 6th Dec 2024 - The price is the primary indicator; economic news often lags behind price action. Elliott Wave Analysis highlights this effectively, using channels and trendlines as key tools. - BankNifty is currently in a complex correction phase, experiencing a significant 3000-point fall from recent highs. - Failed to hold 52600 which was important support level Last BankNifty Idea - 6th Dec 2024 Support and Resistance Zones: - Support Zones: 51150 – 50900 - Resistance Zones: Gap zone 51775 – 52000 Short-Term Trading Strategy: 1. Intraday Opportunities: - If the gap zone (51775–52000) is filled, it will act as resistance. Traders should look for potential halts in the rally started from the 50609 lows. - Watch for a pullback to the support zone (51150–50900) for possible buy setups. 2. Buying Opportunities: - If the index holds above 50609 lows, look for opportunities to ride the upside towards the channel highs, where resistance is expected. - Monitor price action near these critical zones to confirm your trade setups. Outlook: Santa Rally - The much-anticipated "Santa Rally" may bring relief to domestic and global markets if the index manages to sustain above its support zones. -------------------------------------------------------------------------------------------- Nifty Analysis Current Scenario: - Nifty has a positive bias as long as it holds above 23500. - A breakout above 24180 will confirm the uptrend, paving the way for a move towards 24800 and potentially the 25000+ zone. Support and Resistance Zones: - Support Zone: 23500 - Resistance Zones: 24180, 24800, and 25000+ Short-Term Trading Strategy: 1. Upside Confirmation: - A decisive move above 24180 could signal a buying opportunity for short-term traders, targeting 24800 and beyond. 2. Caution at Higher Levels: - Traders should exercise caution near 25000+ levels as FIIs return from vacation, which may introduce volatility. --------------------------------------------------------------------------------------------- Final Thoughts: - Both indices are presenting potential short-term trading opportunities if key support and resistance levels are respected. - Always use risk management strategies and avoid chasing moves without confirmation. Wishing everyone a Happy and Prosperous New Year 2025! May your trades be profitable and your goals achieved. 🎉 From WaveTalks Market Whispers - Can Hear Them! Abhishek
NSE:BANKNIFTYLong
by WaveTalks
2
BankNifty at Crossroads: Will 52,600 Hold the Bulls?As per our last update via comment: “Bulls will remain strong if the index holds above 52,600.”... 5th December 2024 The rising trendline halted the index at 53,888. 6th Dec 2024 Post-RBI policy today, the index again paused near the rising trendline. The big question Will the buying zone of 52,500-52,600 come into play again? And if it does, will it hold that zone? “If the index revisits the 52,500-52,600 zone and holds, will you dare to miss the opportunity to ride the bulls again?” Market Whispers! ...Can You Hear Them? Regards, WaveTalks Abhishek
NSE:BANKNIFTY
by WaveTalks
1