ONGC trade ideas
ONGC - Short TermONGC wolfe wave shows some upward movement...Can be bought at CMP for the given taregts.Targets on chart...
Short ONGGONGC break its channel downwards, consolidated and trading under inclining wedge.
If break 82 can slip to 76.
Time 2-4 weeks.
ongcafter accumulating for last 15 days expect a rally toward 92 once it crosses 92 level it migt go upto 120 trg of 3(3) wave. crude has been rising for last 8 to 9 days
101 up next ..Follow up to an earlier trade of this so HTF chart is on my feed if anyone cares.
Always like coming back to the ones which pumped recently and have made their local bottom.
This looks it has and it tested support at 81.80 2 times and is now sitting on a gorgeous spot on the daily just below the 99day and with a lot
of room to move above till our friend the 200 day will most probably knock us back down one last time.
So think its a good trade for a quick 15-18% from here 82.15 is a good entry expecting a wee pull back but lets see how it goes.
115 Should come pretty fast as well but shall look to enter again once we flip 101.
BUY 81-86
SL 80.90
TARGET 101.10
ONGC 101 HERE I COME Was going through the top losers on the nifty today and this stood out for me .
Followed the earlier graph from 10 days ago to the T , although i hopped off looks good for a quick swing and possible intra day .
Sitting bang on 50 day support and golden cross about to happen.
I feel little dip then cross 86 and we explode possibly till 106.
SL 80.55
One to track for monday
ONGC -- engines starting...Apparently some good news coming up .. chart looking good just a quick update for a possible intra day on Monday.
still hopefull 115 will come soon for swing .
ONGC - 227 by Sep 2021 ?This should chug along nice and slowly however eyes on price action and life ! It has to come back to normal at some point and demand should pick up.
101 is where the confluence of the 3 moving averages may happen.
Most likely book profit from 115 and see what's up then.
Currently just retesting resistance turned support .
I'd keep a loose stop loss and let this play out .
Looking for a rejection from the 200 day on the weekly where i intend to load up for the break of the MONTHLY downtrend line and the ride to 227.
ONGC long termONGC has broken down below the long term wedge pattern. It should continue its downward movement below the wedge. In addition it also has a Head and Shoulders pattern which has already broken down. The volume has been climactic as well.
Bets off if it goes back inside the wedge and does a breakout above. It will turn very bullish in that case, but until that happens, I would stay away from the long side.
Disclaimer: Not a recommendation to buy or sell.
ONGC After long consolidation this stock shown last trading season good momentum. Hopefully this momentum will continue for at least for 10-15 % but considering the volatility we can play with limited price movement for intraday.
