ONGC trade ideas
ONGC 4HRConfluence of Daily & 4HR BULLISH Bat LEVEL STRONG POTENTIAL REVERSAL ZONE
Price need to follow GREEN TREND LINE and hit Target 1 & 2 , else if Price BREAKS RED TREND LINE is EXIT
POTENTIAL BUY
ONGC Short Term Reversal TradeThe stock has reached lower trend line and looks to take support and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby & 200 EMA .
Risk Reward Ratio - 1:1
SL is placed below multiple major support zone and target is place near swing and channel high.
Try To Exit before earnings disclosure if profit reaches around 10%.
Note: As the market is under selling pressure, enter only after confirming a reversal.
ONGCBuy now (117.20)
SL - 1.5 - 2 %
Trg - it's depend on you.
Reason:- it stands on trendline support and also at DAILY 50 EMA. SO NICE BUY in ONGC.
ONGC - BuyBuy ONGC. The frustrating sideways movement in ONGC , indicates the completion of corrective Wave 4.
Its still traded at Weekly rising 20 EMA indicating uptrend to continue and more powerful moves ahead.
Break out above 120 would confirm the completion of wave 4. The target would be around 140. The SL would be 116.
SellSell current price this stock with stop loss above its high & target 1-- 110
Target2-- 100 to 96
ONGC on the verge of breaking out from a multi year resistanceDate 25th June 2021
CMP 221
ONGC has just breached the multi year resistance.
This is supported by the high crude oil prices in the international market.
Q4 results of 2020-21 was announced yesterday and the numbers are encouraging.
Buy on dips till 116
ONGC moving towards a high of around 134-138ONGC moving in a pattern since 20 Nov 2020 after giving a breakout at 74 INR. Since then, it has moved quite well till the current price of 125 INR. Next breakout should happen around 135-136
ONGC Cup and Handle formationBUY @ CMP
TGT - 141.65
SL - 112 on closing basis
Time Frame - 15 Days
There is a cup and handle formation on the daily charts of ONGC. It may retrace to 119.50 to test support and give a rally from there on.
Keeping a Stoploss is very important in this trade because the overall rally in the broader market seems a bit overbought and stretched.
Good to go LongStatistical Brief
High / Low₹ 127 / 64.1
ROE7.13 %
ROCE10.6 %
Debt to equity0.50
Return over 1year44.3 %
EPS₹ 0.72
Free Cash Flow₹ 29,777 Cr.
Sector Trend
Positive on Weekly Chart
Stock Trend
Positive on Weekly Chart
Pattern
Higher-High
ONGC Ascending Triangle BullishTarget 1: 130
Target 2: 150
Note : For educational Purpose , please do you own analysis before buying.
ONGC ready for a Long Journey aheadLooking at the pattern
BUY at CMP (125)
TARGET : 149/178/196
Time-Span: 2-6 months
