ONGC has given breakout from falling trendline with huge volume. Also it is trading above 10 & 20 WEMA which is in positive mode (crossover). It is also trading above 50 WEMA. On upside 184-185 is major resistance zone which is close to falling long term resistance line. RSI is showing that still some upward heat is left in counter.
One can buy ONGC in between...
I was looking for a harmonic pattern completion (on the downside) before getting involved in this stock. But the stock changed my bias by breaking above a falling trend line (red) and the cup and handle pattern neckline.
For getting into this trade, the risk could be (traditional) low of the handle (162) or the more aggressive 170 (calling...