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...
1) ONGC has broken the major support and now making a pullback.
2) Current bullish move appears to be a pullback and not reversal. Hence fresh buying has to be avoided for long term positional buyers.
3) The major trend line could now act as a resistance.
4) On day chart ONGC has broken the falling channel top.
1) Listing of ONGC Videsh on foreign exchange will reprice the stock
2) Iran sanctions coming up in Nov 2018 ; which shall increase global crude price
3) Stock has been undervalued for long time because of HPCL takeover and possibility of govt levying oil subsidy
4) stock has broke 5 months trendline with good volumes5
SL -170 Risk reward ratio looks favorable
Based on my PredictiveSystem's signals, its going to be a GREEN candle on 08-Jun-2018 for ONGC
Buy Above: 173.1 for targets -
Note: These calls are based on my own analysis. It may or may not work well for you.So please carefully consider whether it is suitable for you and please do your own research before attempting any....