ongc - breakdown expectedfor educational purpose - short ongc below 191 with sl 195 tgt 174-175, revise sl when price goes down follow parabolice sar indicator.
ONGC
ongc for educational purpose ongc is trying to hold price but making a bear flag short below 192 sl 198.6 target 172.
Sell ONGC, approaching channel supportONGC has been trading in uptrend respecting support and resistance, it has already touched the uptrend channel resistance and approaching channel support. Traders may go short with a target of 290-292 in near term.
ONGC to continue up trend journeyONGC has been continued to uptrend it has retested the fibo 23% level multiple times but unable to trend reversal. It is technically looking strong enough to continue up trend, we may see further upside movement up to the target of 293 as first target and wait for breakout if it breaks then go further long. alternatively if it breaks 271 downside then it will head to next support around 255.
ONGC: Medium Term Trend bullishThe stock has been moving up steadily and undertone looks bullish. Price has cleared resistance and the supports are holding: a classic sign of uptrend. Am expecting a rally to 298.8.
ONGC approaching a target of 270.00 level.OMGC approaching a target of 270.00 to its trend support, trader may go short till 270.00, if it breaks 270.00 level then it may go to next target 242.84 which is seems strong support. alternatively if it bounce back touching 270.00 it will further go upward with a target of 295.00
ONGC: Will the Lower Time Frame Support Hold?Price is in a strong uptrend in the daily chart. The immediate support is highlighted in the 15-min chart. Will the slide halt at this support?
Your Guess is as good as mine. Let price play its card first, we can always react based on that. No Guess Work.
ONGC - Uptrend Channel in Progress (POWER OF CHANNELS)It is been observed that the price action on daily chart formed two channels. Firstly a downward trending channel and secondly the upward moving channel. Indicating price change movement and change in control of dominance over price actions. Channels are powerful tools when it comes to finding trend. Therefor I would highly recommend to beginners to practise it well (given below educational series on channels) in order to improve your trading and managing your trades in right trending direction. They say " Trend is your friend" which I believe it important to know before entering any positions. Good luck, hope you gain something valuable out of it.
As per the ONGC trade,
It is ranging near the uptrend channel resistance and if it breaks above 256 levels then a positive up move can been seen, else it may retraces back from resistance levels. If it does then wait until it breaks 245 levels to initiate a short positions.
Regards
