ONGC Looks Bullish Now
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.
Comment
Price ne 12th August 2024 ko 344.80 ka high banaya tha aur uske baad downtrend mein chala gaya. Uske baad price ne 283.45 ke level pe support liya aur thodi der sideways move kiya.
Agar dhyaan se dekhein, toh price daily time frame pe bullish divergence dikha raha hai aur 283.45 ke daily support se bounce kar gaya hai. Yeh ek accha sign hai bullish move ka, aur price 344 ke aas-paas ya usse upar ja sakta hai. Yeh setup ek accha risk-to-reward ratio deta hai.
Yeh ek accha time hai apne portfolio mein thodi quantity add karne ka, chahe swing trade ho ya short-term investment. Agar price wapas daily support ke aas-paas aata hai, toh aap aur quantity bhi add kar sakte hain.
Comment
ONGC is showing great momentum for the uptrend and currently trading at 300 level. It may or may not come to the horizontal support of ~285. If you don't want to miss this opportunity, buy 25-50% of the quantity now and rest around the 285 support level (If price comes down to it) and hold till 345+. Keep doing partial profit booking between to minimize the risk.Comment
Price is facing resistance at 300 in 15 min TF. For further entry wait for the closing and confirmation above 300. or buy in parts for minimize risk.
Comment
Price made a high of 301.85 after that came for a pullback to 292. This is a good range to buy.If it breaks the high of 301.85, this time it can go beyond this and hit the targets.
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