Stock has taken support of 127 last time earlier this year. Before that it has taken support of same level in 2016 also and that after some strong downtrend. We can buy this with stoploss below 127 in weekly closing.
ONGC is in a small correction phase on the 15min chart. The stock has created a clear bear flag formation which can break to the downside. Shorts can be initiated after the levels of 133.75 have been broken.
Target 1 - 132.75
Target 2 - 130.80
Target 3 - 127.95
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ONGC IS AT THE STRONG SUPPORT OF 150. IT IS 36% FIB LEVEL.
CHIKOU IS ALSO TRYING TO CONFIRM THIS. ALSO, THE CLOSE FOR FRIDAY IS LOWER THAN THE DOJI OF PREVIOUS DAY.
ANY VIOLATION OF THIS LEVEL, WILL MAKE ONGC TO REACH 145 AND 140 LVLS.
A PULL BACK MAY TAKE THE PRICE TO 158 IN THE COMING DAYS.
WAIT FOR THE CLEAR DIRECTION.
ONGC sell at 166 Stoploss 174 Target 150-140 Reasons For Trade- 1.Price has given strong breakdown on daily channel.2. on Weekly Chart Price is forming rounding Top.3.Daily Chart Support of 164 is Broken. 4. Risk Reward Ratio is more than 1:1.5
DAY CHART INDICATES DOWNWARD MOVEMENT TO 161.
BUT, THE HOUR CHART SHOWS BULLISHNESS.
MAY BE THE SUCCESS OF US-CHINA WILL SEE THE CRUDE PRICE TO COME DOWN.
AND, THE ONGC WILL BECOME BULLISH.
IF YOU WANT TO GO SHORT KEEP STOP LOSS AT 172.
IF ONE WANTS TO GO LONG WATCH CRUDE PRICES.
