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ONGC

Short ONGC: First target of 177We are seeing the price is getting bounced from the lower end of the cloud. The first happened on May 03 and second occurred on May 11th. Though the cross over of blue line over the red suggests mild bullishness but it can be negated given the occurrence is below the cloud.If the blue line cross the red on the downtrend, it will be a strong short sell signal. Confirmation can be seen both in the RSI where the lower tops in the price action is supported by lower tops in the RSI indicator. The EWO also has just got into the red zone indicating further downside
NSE:ONGCShort
by pratik.p2
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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