Double Bottom ONGCA highly, unlikely to be profitable trade,
Good Technicals, Doule Bottom, RSI Divergence. Bad Fundamental, Low energy sector.
ONGC trade ideas
ONGC (A Falling Knife to a Rising Knight ?)Looking at the Chart ONGC looks ready for a move within a day or two. ONGC has taken quiet a hit and bounce due to the ongoing news surrounding the crude oil. With all the news surrounding the production booms / cuts which has impacted the Crude prices on a high magnitude has kept the volatility around the crude at a high level. Keeping the effect of this scenario in mind ONGC is currently taking at a Monthly resistance level (Blue Line), which was broken around the 10 of March and has been there twice only to be rejected. The yellow boxes on the 2 corners of the chart represent a similar pattern, just inverted on the right side. The first formation was the start of a high bearish sentiment, however the current one is possibly signalling off a bullish sentiment.The yellow arrow represents a sharp fall and the purple area focuses on an eventual rise to almost the same level as the fall, being supported by the change in trend angle which has increased from 12 Degrees to 40 Degrees as represented by the Dotted blue lines. The Green lines represent an area of Support and a Trend which has been respected strongly. The Yellow channel is The Demand zone, which has stood strong now for over a month.The yellow box formations were formed almost around that area indicating a change in sentiment.The other 2 Pink lines are an area of Support and Resistance. The MACD also stands at a crucial level which has currently seen a breakout below the yellow line, however it remains to be seen whether the price will respect the movement or is it deemed to reverse and have a breakout to the long side.
Any breakout towards the upside might see the price go atleast till the top pink line and depending upon the momentum and volume might fill in the gap which stands at around 88 levels. Any breakout below the trendline might see the price ranging between the Pink and the yellow area which if broken might give some good momentum and a strong bearish move.
ONGC - Uptrend Start - Target 1 - 115$Swing Trade Opportunity here in an old INDIAN OIL Stock. On request charting for a friend.
I am a budding FOREX/ CRYPTO trader, with much of my experience coming from trading CRYPTO markets since 2016.
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ONGC | Double BottomBulls going strong on ONGC as a double bottom hit as the day closes, and seems to be a perfect opportunity to long on the stock.
BUY ONGC BETWEEN 125-124.75 14.01.2020
ONGC
BUY ONGC BETWEEN 125-124.75 (5 MINS AND LEGEND LINE)
CMP : 125.5
INTRADAY TARGETS
T1 : 126.2
T2 : 127.5
SL : 124
ONGC (Oil & Natural Gas Corporation Limited) SELL BELOW 130.5ONGC (Oil & Natural Gas Corporation Limited) SELL BELOW 130.5
ONGCShort this counter once MACD turns negative, aggresive traders can short right away since there is divergence on RSI , MFI and volatility
918. NR7IB. Break of narrow provides the direction of either buy or sell side. accordingly buy or sell can be place with sl of prior day high or low
SL compulsory
