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ONGC

ONGC: Chart set up & viewONGC CMP 67.5 Observation - the current low of 64 odd levels is higher than the previous lows - zone of 68-71 is crucial for ONGC given the set up, one may consider to buy for target of 78 / 82 / 93 / 102 / 114 exit if stock gives a weekly close below 60 Disclaimer: - The view expressed here is my personal view - Use this for educational purpose - Any decision you take you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand the fact that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
NSE:ONGCLong
by indiamarketoutlook
Economics of ONGC(Demand and Supply)A trait of a demand/supply zone is when the candle, which is breaking out of the zone, has a range that is significantly greater than any previous candle's range. Also, a range is usually formed inside a demand/supply zone, after which the price breaks out/down and continues to move with momentum in one direction. These can be great confirmations to find and make certain levels as demand or supply regions. Another trait is the formation of wicks near the supply zone and of tails near the demand zone., which is a sign that strong players pushed the price opposite to its original move. Observe the size of candles on 21 September and 25 September. Notice their range is greater than any candle visible on the current chart. This clearly shows that strong sellers are present at the supply zone(73-75 levels) and strong buyers are also present at around 65-67 levels, who push the price down and up, respectively. This has also caused the price to stay in a range for a long time and where the price breakouts out will decide whether this bigger range from 65-75 was a distribution zone or an accumulation zone. Comment if you have any query and if you like my analysis, don't forget to press the like button. I am not a SEBI registered investment advisor and hence do not follow my analysis blindly. Be aware of what you are trading and the risk associated with it. Stock market is risky and you can lose a lot of your capital. Be wise and trade carefully! Grateful!🙏
NSE:ONGCLong
by inteliigentrader