ONGC trade ideas
ONGC - Long1. ONGC has formed a cup and handle pattern in weekly TF
2. There is noticeable increase in volume activity since Dec 2020
3. Volume of green candles are more than the red candles indicating strong demand for the stock
Levels are mentioned in the chart
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ONGCONGC:: keep in radar.... C&H under formation and after b/o it can give good R:R...
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ONGC WEEKLY CHARTONGC weekly chart forming cup and handle pattern and also given trendline breakout....looking good above 119
ONGC GOOD BREAKOUT ABOVE 112+Ongc looks good breakout with volume on monday.
Stoploss 110
Target 115-118 in 1 week
ONGCONGC is on good support. Trendline also broken on upside which was trading below trendline. Bullish candle formation.
ONGC LOOKS TO BE CONSOLIDATING Lets wait for it to break the trendline. Maintaining neutral position right now.
cup and handle chart pattern in ongcIN 5 min time frame ongc formed a cup and handle chart pattern just before the closing of market. Also, the MACD indicator is showing a bullish crossover.
ONGC - CMP: 108 Ready yo break consolidation ZoneAccumulation is going on since many days, And It is now ready to break the price range. Stock is moving in a channel and has taken lower trend line support. Increasing in delivery volume also indicated positive movement ahead. RSI also moved from the oversold zone. We can expect price movement till 123 in the near term.
ONGCNote:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
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Keep an eye ladies and gentlemen. Cheers and Happy Trading
ONGC - Short term tradeWith crude prices getting firm ONGC could be a key beneficiary..
Long above 108..First target 110.50 where if it crosses above that i'd even be tempted to double down for the next target of 115. SL 2% below purchase price.
After 110.50 is crossed SL can be shifted to cost.
