ONGC has given a clean breakout from the ascending triangle pattern. Generally after the breakout , the price tends to retest the breakout level which is around 79-80. Therefore wait for the stock to retest the breakout point and make an entry only around those levels. Trading using this approach would give you a favourable Risk-Reward setup.
Target 1: 88
Buy Only when it breaks and closes above 71.10 on 5 min time frame SL 69.80 Targets 72.40/73.80/75.20
Sell Only when it breaks and closes below 69.80 on 5 min time frame sl 71.10 Targets 68.50/67.20/65.80
This call is only for educational purpose. Consult your financial adviser before taking any positions.
!!PAIR TRADE PETRONET-VS-ONGC!!
EXECUTE THE FOLLOWING
!!EXECUTE BOTH TRADES!!
!!HOLD FOR GAINS!!
!!FOLLOW UP-FOR UPDATE!!