ONGC was seen correcting 38.2% of its prior leg up and looks good from current level to go long.
The correction was an FLAT(3-3-5)(ABC).
The stock is currently in wave iv of III of 3 and had multiple legs pending to the upside.
The leg being anticipated would be the wave v of III of 3.
INR 300 is the expected target level for the stock.
INR 250 remains a crucial...
After todays gapdown opening and further down closing indicates current bull run of ONGC to be over. Should we just take profit off or beyond that take short position also for some time?
ONGC MONTHLY CHART
Breakout @ 195 (red ellipse) Target (MOB) @ 300-314 Support 120(green ellipse)
This stock has witnessed a breakout @ 195 levels, MOB for the pattern is placed @ 300-314, with projected time period of July2024-Oct204 ( horizontal white line).
Its only an observation & not any suggestion or recommendation.
Daily chart, the stock has formed 2 patterns, rising channel and cup & handle. The first target is 230.9 and the second is 272.2 (on the weekly chart)
The technical indicator RSI is at the over-bought area, and it means some correction is due, before going up.
Stop loss at 205 - 200 to be considered.
ONGC has broken its all time high and marching ahead, is it good time to catch it? i say yes.
lets wait for a monthly candle to close above its all time high 197.65 then take entry near 197, targets and SL marked in the chart.
revert for any doubts or clarifications.
Disc- This is not a buy recommendation, please trade as per your own risk.
I am not SEBI register Advisor and I am not any trade and tips recommend here, This Idea post on this Channel Only for educational knowledge & learning purpose, I am not provide any trading tips, Before any Trade Advice your Financial Advisor, I am not responsible any profit and loss
ONGC (Swing):
ONGC is set for a 30-35 % up move due to the strong surge in energy sector.
Appropriate support, resistance levels are highlighted with target.
Keep adding between 190-200 with a SL around 180.
Trade offers a RR of 1:5.
Note: Do your own due diligence before taking any action.
📢Resistance broken stock📢
These are swing ideas which you can add your watchlist and analysis for yourself !
Keep on your radar!
This content only education purpose!
❗I am not sebi ragister❗
Buying energy sector,
1. In a deflationary scenario, energy is often a hedge.
2. Equities are crashing and so are bonds.
3. There is a supply shock going on when it comes to crude oil.
4. US SPR is at 50% from all time highs.
Technical analysis,
1. Strong up trend.
2. Decent retracement, price below the 15 min 200 EMA.
3. August resistance may turn in to support...
Oil and Natural Gas Corporation Limited (ONGC) is India's largest oil and gas exploration and production company. With a strong presence in both domestic and international markets, ONGC is a key player in India's energy sector. The company is involved in the exploration, drilling, production, and refining of oil and gas products.
Market Position:
ONGC holds a...
