ONGCA very bullish cup and handle pattern can be seen to be forming in ONGC on the daily timeframe. Breakout from the handle can give a strong upward rally. Keep an eye on stock and take positions accordingly.
ONGC trade ideas
ONGC CUP AND HANDLE A cup and handle has been formed and short term target above 125 before expiry. buy CE @120 for 3 rs target
ONGC Inverted Head and Shoulder As you can see it has created a beautiful Inverted Head and Shoulder Pattern n.
The Rules are from the center of the head to center of the shoulder there should be at least 7 to 8 candles.
After creating the first shoulder, Price Touches the neckline let's take that point as A and the bottom of the head as Point B.
When finally after creating an inverted head and shoulder pattern the price crosses the neckline and closes above it and creates a new candle there that's the point to buy and draw a line from point a to point b and place it above the neckline and there you get your Target Price.
Next to Inverted Head and Shoulder Pattern, it has created Double Top. See if you can find or let me know below.
ONGCONGC
Chart Analysis for you to track.
Note - This is purely for educational purpose.
I don't provide paid calls or stock tips.
And that's why -
- No SL
- No Target
- Just a picture depicting the story.
Use it, if it's Insightful. Ignore otherwise.
ONGCBuy-115
SL-110 Below Closing Basis
Target-135-150-178
PSU will remain in flavor for a while now,.
High Cash Generating Company.
Slow - Steady - Safe - Dividend Rich Bet..
ONGC climbing to 132 in June 20211. ONGC has formed a double bottom on the 1 hour chart
2. Bullish wedge formed on the day chart.
3. Consolidation is observed between 109-118 range.
4. RSI has pulled back from overbought to 60, which leaves some breathing space between 60 - 80 levels.
The 3 observations above lead me to expect a potential 5th Wave (101-136) forming on the weekly chart during May to June.
107 is a strong support, hence stop loss at a dip below 107.
This trade has a risk to reward ratio of 2.41.
Comments on the idea are welcome!
Cup and Handle in formationThe stock seems to be forming a cup and handle formation.
Can be bought post-breach of 121 for a possible target of 130/139.
Note: Educational purpose
ONGC Buy if Only condition Satisfices. If the price crosses the Resistance line and closes there, and it should create a new candle above the resistance line then Buy.(I,e : Buy above 120)
Expecting Target of 128, 137, 145
Don't forget to apply your own studies before buying.
ONGC : FALLING WEDGE (LONG) ONGC: CMP 112.95
TREND 1: FALLING WEDGE (TIME FRAME 1 MONTH)
TREND 2: CUP AND HANDLE PATTERN (TIME FRAME 1DAY)
TRADE SUGGESTION
ACCUMULATE STOCK AT 107-96 LEVEL
TARGET 136-160++
STOP LOSS 87 (MAJOR SUPPORT LEVEL)
UPSIDE POTENTIAL TILL 200++ POSSIBLE
HOLDING PERIOD 2-3 MONTHS
#BULLISH STOCK
ONGC LOOKING BULLISHIt is forming a CUP and Handle Patter
And a bullish channel
Upside targets
T1= 116.50
T2= 121.50
T3= 122.50
T4= 125.70
Currently retracing to form handle and touching lower line if the channel at 0.382 (112.85) of FIB retracement. If sustained, then it can quickly achieve targets on long side and it is not sustained then the fresh targets for downside are
T1 = 109.85
T 2= 106.90 ( if breached can see lower targets till 97.5 which will act as support)
NOT A FINANCIAL ADVICE ONLY FOR LEARNING
T~1 = 116.50
ONGC lookin good Short Term Trg-122&140ONGC Rs.115 was a good price to Enter looking at full Bullish Trend, if channel breakout upper side may test to Rs.140 level to 150
ongc what now?bat pattern has been completed and fresh long only above red trendline now . also if stock falls till 50% level , that will be good area to enter the stock again
Understanding Cup and Handle pattern with ONGC1. Cup and handle pattern was defined by William J. O'Neil in 1988
2. It is considered as a bullish pattern continuation pattern
3. In cup and handle pattern, volume of the security should decrease as price declines and remain lower than the average at the base of the cup
4. The volume should pick up when the price of the security moves higher
5. Target is usually calculated as the price difference between the bottom of the cup and the resistance(depth of the cup)
6. The handle of the cup is usually a consolidation phase that is used to accumulate the stock
Let's not forget to thank ONGC for being a perfect example of Cup and handle pattern.
Hope you learnt something new. Please post in the comments if you have any queries and give a like if you found the post useful. Happy learning!
Regards,
Segan
Cup and Handle formation in ONGCONGC is very near to break the neckline of it's cup and handle formation. If it manages to stay above 121 and gives a weekly closing above 121 and also above its trendline. Then a breakout is confirmed. Target 1- 144, target 2 - 175, Target 3 - 208, Target 4- 300 and stop loss - 95
