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.
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 &...
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.
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
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....
Reason 1: We can short ONGC around 190 zone since we have a breakout this could mean that wave 3 has ended and wave 4 is about to start.
Reason 2: Wave 4 is exactly 38.2% Fib level away wave 3.
Please post your comments and let me know what you think