ONGC is all set to go down from these levels.Check the levels marked in the chart for a perfect entry, ask if you have any doubts in comments.
ONGC trade ideas
ONGC ANALYSISWHITE TREND LINE = LONG/SHORT ENTRY
GREEN TREND LINE = UPPER TARGET
RED TREND LINE = LOWER TARGET
ONGC Target 108-110As ONGC Made double bottom at 88-90 range and took reversal towards 108-110 (supply zone).This time If it approach supply zone with increase in volume and RSI Break Out then it will cross 108-110 and go to 120 level. at 108-110 range we have to cautious.
Global Oil Prices and OPEC Decisions effect share price.
This is for educational purpose only not for investment.
ONGC Pyramid Buy ....The Stock was Trading RS. 97.65, which is still 10 percent away from its 50-Week high of Rs.109.75.
Stock Have Potential to achieve Rs. 105.85 Target
It's making Pyramid
Buy between 96.50-97
target 102.35 intraday
target 105.85 within 2 3 day
ONGC { 30 M short }IB Formed & DOJI in formation ( Nested IB May form ) , Short if break . Rest is as per chart
Note :-
Entry - At the break of mentioned candle's low/high
Stop Loss -
In a Short Trade, I always use Previous Candle High ( PCH ) as a stop loss while entering the trade. Sometime I might use 15 M tf SL & trade in 30M tf which I'll mention. Vice Versa for long trades
Trailing Stop Loss ( TSL ) - Mostly I trail stop loss by PCH as price falls . I exit as PCH breaks & vice versa
Use of PSAR as TSL :- TSL get's hit in trend following due to noise, In such cases I use PSAR to be in trend & exit if PSAR direction change
You can use any one of above mentioned or your own way to manage risk
Time Frame :- I take ~ 90% of my intraday trades in 15m tf. Where my analysis might come from higher frames like W , D or 1hr chart pattern which will be mentioned.
Target :- I do set target line based on support / resistance slightly above/ below it . Please pay attention to it
ONGC - Cup & HandleCup & Handle pattern forming on Daily Chart of ONGC. BUY 106, SL 94.9, Target(s) - 115, 122, 130. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
ONGC is all set for firing upside. Best time to enter with 1:4 RPlease follow the levels marked in the chart.
