Crossed the previous resistance(120 levels) after a previous breakdown from it.. and retested the resistance now acting as support.
News: gas prices can see a hike of rs75 per cylinder that can increase the revenue of the stock therefore we can see upmove in stock.
If the hourly candle closes above 128.5 then there is a chance of 4.5% up move in next 2 to 3 trading days with a stop loss at 124.8
RR is 1:1 so do you own analysis and take the trade.Else the script will be range bound between those two levels for the next 3 trading days
I have taken a long position on ONGC on 17-9-2021
The reason for taking a long position was a demand zone that was created between 125.38 to 121.10.
It is also trading in a channel, so my target is the upper trend line which also fulfills my 1:2 target.
My entry point: 125.40
My Stop Loss:121.10
My target: 134
I will update once SL or Target gets hits