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ONGC

ONGC Looks Bullish NowThe price reached a peak of 344.80 on August 12, 2024, before entering a downtrend. It subsequently found support at the 283.45 level, followed by a period of sideways movement. Upon closer analysis, the price is exhibiting a bullish divergence on the daily timeframe and has rebounded from the daily support level of 283.45, indicating potential for a bullish move. This suggests the price could reach the 344 range or higher. This setup offers a favorable risk-to-reward ratio. Given these conditions, it may be an opportune time to consider adding to your portfolio for a swing trade or short-term investment. Additional quantity could be accumulated if the price retraces towards the daily support level.
NSE:ONGCLong
by MrSharelock
1
SWING IDEA - ONGCOil and Natural Gas Corporation (ONGC), India's largest oil and gas exploration and production company, is showing technical signals that suggest a promising swing trading opportunity. Reasons are listed below : 285 Resistance Level: The 285 level has been a significant resistance zone and has been tested multiple times. The price is now attempting to break through this level, indicating strong bullish momentum. Bullish Marubozu Candle on Daily Timeframe : The recent formation of a bullish marubozu candle on the daily chart indicates strong buying pressure and suggests potential for further upward movement. Breaking 5+ Months Consolidation with Volumes : The stock is breaking out of a consolidation phase that lasted over 5 months, supported by increased trading volumes, signaling a potential new bullish trend. Trading Above 50 and 200 EMA : The stock is trading above both the 50-day and 200-day exponential moving averages (EMA), reinforcing the bullish sentiment and providing strong support levels. Target - 335 Stoploss - Daily close below 260 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:ONGCLong
by Visionary_Growth_Insights
10
Inverted Head and Shoulders: A Comprehensive GuideThe Inverted Head and Shoulders pattern is a popular and reliable reversal pattern that signals a potential shift from a downtrend to an uptrend. Understanding and identifying this pattern can provide traders with profitable trading opportunities. Anatomy of the Inverted Head and Shoulders Pattern. Left Shoulder: The price declines to a trough and subsequently rises. Head: The price falls again, forming a lower trough. Right Shoulder : The price rises once more before declining to a trough similar to the left shoulder. Identifying the Pattern To accurately identify an Inverted Head and Shoulders pattern, look for the following characteristics: Three Troughs: The head should be the lowest point, with the two shoulders on either side. Neckline: Draw a trendline connecting the peaks of the two shoulders. This line acts as a resistance level. Breakout Confirmation The pattern is confirmed once the price breaks above the neckline with increased volume. This breakout indicates a reversal of the previous downtrend and the start of a new uptrend. Trading the Inverted Head and Shoulders Entry Point Enter a long position when the price closes above the neckline. To reduce false breakouts, consider waiting for a retest of the neckline as support. Stop-Loss Place the stop-loss order below the right shoulder to limit potential losses. This level provides a cushion against false breakouts and unexpected market movements. Target Price The target price can be estimated by measuring the distance from the head to the neckline and projecting this distance upward from the breakout point. Example: Example Reference image of chart ONGC on Daily Time Frame shared below Distance from Head to Neckline: 62 points Breakout Point: 280 points Target Price: 342 points Practical Example of ONGC chart The neckline is drawn connecting the two peaks at 280 level. A breakout occurs at 280 level with increased volume and now candle closed bullish at 288 levels with Good intensity of Volumes. Key Points to Remember Volume: Volume should increase during the formation of the pattern, especially at the breakout point. Timeframe: The pattern can form over various timeframes, but it is more reliable over longer periods. Market Context: Always consider the broader market context and other technical indicators to confirm the pattern. Conclusion The Inverted Head and Shoulders pattern is a powerful tool for traders looking to capitalize on trend reversals. By understanding its structure and applying disciplined trading strategies, traders can enhance their ability to identify and profit from these patterns. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Happy Trading! RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:ONGCEducation
by RK_Chaarts
2
#GULFPETRO 48 Buy Recommended TGT 63 (30%) SL 43 - Rachit SethiaGULFPETRO 48.70 TGT 63 SL 43 RR > 2.5 RETURN ~30% TF < 6M NSE:GULFPETRO Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
NSE:GULFPETROLong
by Rachit_Sethia
2
#PETRONET 238 Recommended Buy - Rachit Sethia #stockstoWatch #PETRONET 238 Breakout at ATH and Retested TGT 275 and open for above SL Not Applicable Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
NSE:PETRONETLong
by Rachit_Sethia
#EASEMYTRIP 44.70 Buy Recommendation - Rachit SethiaEASEMYTRIP 44.70 NSE:EASEMYTRIP TARGET 58 SL 38 RR >2 TF <6 Months Return ~30% Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
NSE:EASEMYTRIPLong
by Rachit_Sethia
ONGC - DOUBLE MOVING AVERAGE CROSSOVER📊 Script: ONGC (OIL & NATURAL GAS CORPORATION LIMITED) 📊 Nifty50 Stock: NO 📊 Sectoral Index: NIFTY 500 📊 Sector: Energy, Oil Gas & Consumable Fuels 📊 Industry: Oil Exploration & Production 📈 ONGC has given crossover at double moving average. 📈 Right now RSI is around 56. 📈 One can take swing trade on the basis of Moving average crossovers. 🟢 Target 🎯🏆 - 157 ⚠️ Stoploss ☠️🚫 - 127 ⚠️ Important: Always maintain your Risk & Reward Ratio. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
NSE:ONGCLong
by radha_23
3
18 June 2023 $ONGC: The oil money longNSE:ONGC Reports came out yesterday stating that Russian oil is making up 30% of India's imports as stated India's largest publicly owned oil & natural gas firm. This comes at a crucial period for Russia after being hammered by economic sanctions, as we can tell with the war, it is firmly narrowing down into a war of attrition, and this war can only be funded if Russia feels economic security, this reason so puts greater trust into BRIC stocks and will definitely see some sort of financial injections in the coming year(s). India hosting the largest population in the world is focused on 2 main objectives especially following the recent tragic train crash. 1. How can they lift the largest workforce in a similar manner to China up? 2. How can they compete neck to neck with Shanghai/LA/NYC/London/HK. Possessing a significantly advantageous location on the world map, India's future will soon be determined by policies made NOW. For India to achieve these objectives, at the very baseline, it requires public infrastructure and, none of that can run without the veins of oil. Thus, this bet is betting on India's persistence and future in general on its most necessary growth factor commodity. The balance sheets show a well maintained company with efficient enough statistics. Currently, it's Price-to-sales are about 0.29 with industry average at about 0.66. Meaning at the moment, ONGC is well undervalued. On top of that, its EBITDA is at 11.02 with Industry average at 8 exemplifying the company's healthy financial status and good cash flow. Beta value sits at 0.73 showing low volatility in comparison to the market and lastly, quarterly price to book is at 0.7 showing it is a great stock to buy at it's current value. I have long term entries at this with buys at 150, 152, 146 and 139 respectively. I will be DCAing this over time but I don't expect a drop to these levels any time soon.
NSE:ONGCLong
by bradleyzander