It has been observed that the price action formed a double bottom at 155-157 levels and now showing strength and pushing up price action to new highs and changing the trend from lower lows to higher lows and higher highs. It is a positive indication and the stock shall perform well in coming session.
T1- 170
T2- 175
SL- 162
ONGC
On 13 June when ONGC was at 168, it was suggested that
- the stock is currently in down trend
&
Closer to 158-162 will be worth accumulating from risk:reward ratio perspective
Link to previous analysis
For last 2 days the stock has defended 158 on closing basis &
Candlestick pattern at important support level suggests reversal is round the...
ONGC specifically has retraced 61.8% of the rally.
Considering the energy sector rallied on Friday in US session, this is likely to bump up on Monday and likely to follow through over next couple of sessions.
165 is the short term target. Leveraged trade for adventurous ones as this is expiry week.
Purely a short term play though. Not buy and hold by any means.
Trendline support may take ONGC high. But one can book half profit @177-178 , as it may not breakout of downward channel.
Long can still be taken at current price 169 .
The CNXENERGY index is showing ominous signs.
These stocks haven't been doing too well recently but have enjoyed a sustained uptrend.
It's time for reversal now. The fundamental picture is not at all good and this move downward is just getting started.
For more thorough analysis, check out my daily NSE dashboards at
rpubs.com
Elliott Wave & Fibonacci
First Target 200 till resistance in first wave
Second target 260 first possible end of wave 3
Buy till 62% retracement of wave. SL at 63% and above (SL=156)
We 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....
Long Trend breakout on ONGC and long initiate at 187 and 3 resistance in between the main target. Resistance at 188 / 189.50 / 192 and the final target at 195.
