ONGC trade ideas
buy-198.50 , SL -192.70DAILY FINANCIAL WISDOM: Remember, the clever speculator is always patient and has a reserve of cash........
ONGC "laxman rekha"ONGC round.....be Long...good chane of cup and handle formation at later stage I am in from 236
ONGC Bullish Flage PatternNSE:ONGC 50 DAY MA Crossed above 200 DAY. Price is consolidating now. UpTreand target is 363 and stop loss 232
Oil & Natural Gas Corporation ( ONGC ) - Time To Buy - 8/19/2016After a long slide from 450 to 200, finally it looks like ONGC ( Oil and Natural Gas Corporation of India ) wants to go higher or at least stabilize near this band. We are dabbling with long entries scattered near 220. There is still lot left in the tank if stock starts moving in the right direction.
Next significant hurdle comes in around 260 and after that 280 - 300. We are jobbing this 220/240 level but will take partial profit near 260 first and then reevaluate the situation. Meanwhile we are willing to keep the strong buy side bias until 220 is supported.
Other recent trades in long stocks are ICICI bank, Cipla Ltd. Dr Reddy's Laboratories Ltd still toying around our entry price of 3000 but with covered call selling during the bounce and doing some back and forth near that level it is looking good. Besides Pharmaceutical is the only sector where we buy more stock on every sizeable dip without any serious concerns and we have laid out reasons for that in our previous blogs. These stocks are for long term holding and the lower the price the better the bargain !
ONGC - Target metAdivsed to buy in the range 224.50-225.50... for tgt 235..
High made 241.50...
Trader may book profit
ONGC Set for BreakoutThree reasons ;-
1.) Close above 200 Day MA after a long time
2.) Breaking out of the triangle and a strong resistance line at 225.
3.) Break out above 211, strong resistance trend line.
ONGC 228 by June ExpiryCues from Futures market - ONGC may touch 228 by June Expiry. Dash line should not be broken and hence stop loss to be maintained
