Monthly, weekly and daily charts present a clear bullish trend while forming the Inverse Head and shoulder pattern. Lately the stock showed a good upmove with a long candle breaching the monthly resistance and reaching 4300 level.
Entry can be made for a Long position at current price: 4300-4320, with target of 4750, and SL of 3900.
Consolidation area for NIFTY 50
further direction will be determined by the side it breaks with good volume and sustains.
Option sellers can play in this region.
Please refer my previous Indigo post
Then you will get better Knowledge.
10th June we have posted our previous Chart.
Kindly Look into it.
Like we mentioned in our previous post if indigo falls it will get support near Buying zone and that's what happened,
even after Market got down 500 points we got 50 points in Long.
That is the Power of Technical...
ONGC, fundamentally strong company..
CMP: 192.4
RSI :55
It has made a channel breakout in the daily chart pattern..
It might go upto 200+
target 1 : 195
target 2 : 200
target 3 : 203+
Apparently, Risk Reward ratio is also suitable....
Note: Do your own study before making any positions...
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