1. 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...
We can see following indications on the day chart:
1. 55 day exponential moving average is acting as a dynamic resistance.
2. 200 day exponential moving average is acting as a dynamic support.
For further confirmation, we can look at fibonacci extension lines. (2196.55 resistance, 2093.15 support)
Therefore, ladder your buys like this:
1. Buy when price exceeds...
Bullish rectangle forming after an uptrend ending on 21st April 2020 indicates a probable uptrend when the rectangle is completed.
Rectangle pattern denotes investor confusion regarding price, which corrects itself with a following uptrend or downtrend.
Go long when price falls near 1230. Stop loss at 1195.