Stock is progressing well on intermediate wave three of first primary of third cycle. Currently it is in minute wave (iii) of minor 5, which is targeted at 211 with confluence of targets of both. Target for intermediate wave 3 is 245 (towards first target of cycle wave at 270).
It has also successfully broken out of larger TF supply zone with 4 daily TF candles...
Details:
Asset: Oil and Natural Gas Corporation (ONGC)
Breakout Level: Above 300
Confirmation: Channel breakout with increasing volume
Targets: 320 and 340
Stop Loss: Below breakout level or as per risk tolerance
Timeframe: Short to medium-term
Rationale: ONGC has broken out above the upper boundary of its trading channel at the 300 level. This breakout is...
The above information does not constitute investment/trading recommendation and it is purely for educational purpose. Please check the Strategy below...
SWING Trading Strategy:
Position is created, only upon stock closing above the entry price on day closing basis and is held on for 5-10 trading sessions for larger gains (5-10%)
INTRADAY Trading...
ONGC is near all time high and yesterday there was huge volume in an overall selling in the markets. This can breakout and give huge returns in the coming days. Maintain strict stop loss as shown in chart as there is no guarantee in the markets.
Emerges strong amidst falling day
VCP pattern on weekly
On daily charts breaking out of range after minor shakeout
Strong relative performance on both weekly and daily charts
CMF also giving trendline breakout
Tgt can be 1R with 265 as SL
Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
April 2024
Stock reached close to 300 & completed all its target as expected in 2020 .
Time to be careful ? Why ?
Close...
Reason for long
a) Trendline breakout possible
b) Entry Criteria: PDH and first 15 min breakout with SL
c) W formation in development
d) weekly breakout possible
e) SL compulsory
The stock has formed an inverse head and shoulder and moreover if we look at a broader picture the stock has formed a cup and handle and inside it and inverse head and shoulder has been formed
This is long term view. ONGC has seen brilliant breakouts on 2 levels in weekly timeframes. One can consolidate also but firmly hit these targets as per my educational view. Again one of my fvrt pattern. "slanted inverted head & shoulder"
ONGC - Price closed above the trendline.
Price is trying to reach ATH. 300 - 295 levels may see profit booking.
Accumulate till 261 will become buy average of 270. Keeping 257 SL and immediate target of 295 - 300 gives 1:2 setup.
If price doesn't come down for accumulation or if SL hits then get out of the trade do not stick to it.
Keep an eye on OILINDIA...
