ONGC TARGET 348 STOPLOSS 285Script is five months consolidation breakout monthly weekly and day with strong resistance breakout in intraday open and close of 287.Next target is 348
ONGC trade ideas
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.
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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.
ONGC CAN GIVE A GOOD MOVEOngc can give a good up move with a decent stoploss and good Targets for swing and positional trades
ENTRY- 276
STOPLOSS - 274
TARGETS - 284, 290, 296++
Note- if any trade or value that's gone from the marked levels then that's not our trade just let it go or wait for it to come back
I'm not sebi registered this is my personal view
Please like or boost my idea if you like it or traded it
Thankyou
ONGC- Out of dangerONGC out of Danger area
Buy at 265-268
SL Close below 250
TGT - As depicted on the chart
ONGC 1DAYwait for the retest.
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I Am Not SEBI Registered Analyst. All Post and Levels Posting is only for educational and knowledge purpose. I Am not responsible for your any kind of loss or profit.
No Claim, All Rights Reserved.‼️
ONGC31/03/2024
ONGC on monthly Chart
BO aove 315
Traget : 10 to 30 % above BO
SL as per your risk
Information is only for study purpose
ONGC poised bullish swingONGC poised for a bullish swing with a target set at 280 and a stoploss at 265. Traders anticipating upward momentum should remain vigilant
Next leg in ONGC can take it to INR300ONGC was seen correcting 38.2% of its prior leg up and looks good from current level to go long.
The correction was an FLAT(3-3-5)(ABC).
The stock is currently in wave iv of III of 3 and had multiple legs pending to the upside.
The leg being anticipated would be the wave v of III of 3.
INR 300 is the expected target level for the stock.
INR 250 remains a crucial support moving ahead.
Upside in ONGc over?
After todays gapdown opening and further down closing indicates current bull run of ONGC to be over. Should we just take profit off or beyond that take short position also for some time?
ONGC MONTHLY CHARTONGC MONTHLY CHART
Breakout @ 195 (red ellipse) Target (MOB) @ 300-314 Support 120(green ellipse)
This stock has witnessed a breakout @ 195 levels, MOB for the pattern is placed @ 300-314, with projected time period of July2024-Oct204 ( horizontal white line).
Its only an observation & not any suggestion or recommendation.
ONGC- All time high soonONGC is looking bullish and expected to make new all time high soon. Please keep a close watch on ONGC for a short term swing trade.
Oil & Natural Gas India is in uptrend to 272Daily chart, the stock has formed 2 patterns, rising channel and cup & handle. The first target is 230.9 and the second is 272.2 (on the weekly chart)
The technical indicator RSI is at the over-bought area, and it means some correction is due, before going up.
Stop loss at 205 - 200 to be considered.
Ongc inverse head and shoulder Beautiful chart pattern on making just see and analyze must study multi year breakout if it happen then no one gone stop it.
ONGCONGC: Monthly timeframe... Big resistance ahead... Let's see if it breaks multi year resistance or not !!!
Breakout Stock ONGCONGC has broken its all time high and marching ahead, is it good time to catch it? i say yes.
lets wait for a monthly candle to close above its all time high 197.65 then take entry near 197, targets and SL marked in the chart.
revert for any doubts or clarifications.
Disc- This is not a buy recommendation, please trade as per your own risk.
ONGCI am not SEBI register Advisor and I am not any trade and tips recommend here, This Idea post on this Channel Only for educational knowledge & learning purpose, I am not provide any trading tips, Before any Trade Advice your Financial Advisor, I am not responsible any profit and loss
ONGC (Swing):ONGC (Swing):
ONGC is set for a 30-35 % up move due to the strong surge in energy sector.
Appropriate support, resistance levels are highlighted with target.
Keep adding between 190-200 with a SL around 180.
Trade offers a RR of 1:5.
Note: Do your own due diligence before taking any action.
ONGC📢Resistance broken stock📢
These are swing ideas which you can add your watchlist and analysis for yourself !
Keep on your radar!
This content only education purpose!
❗I am not sebi ragister❗
ONGC LONG Buying energy sector,
1. In a deflationary scenario, energy is often a hedge.
2. Equities are crashing and so are bonds.
3. There is a supply shock going on when it comes to crude oil.
4. US SPR is at 50% from all time highs.
Technical analysis,
1. Strong up trend.
2. Decent retracement, price below the 15 min 200 EMA.
3. August resistance may turn in to support INR 179.
4. Bullish divergence on the RSI.
