ONGC Doji - Price Action between Fib Retracement Levels

Jul 5, 2020

ONGC has set up a value area last week between the 0.786 and 0.618 Fib Retracement levels with a value price of 84.
The stock made a doji inside the lower part of the value area on Friday which was in line with overall NIFTY movement.

Positional Ideas:
Go Long above 84 for 86
Short below 80.5 for 78, 77, 76

Scalp between 81 and 84 levels

Don't take positional trades In-case of gap openings. Check the price trend and NIFTY trend - follow ORB

Jul 6, 2020

Trade active

Buy Triggered at 83 for T1: 84 and T2: 86

Jul 6, 2020

Trade active

T1 Reached; additional buy triggered for 86 and beyond

Jul 6, 2020

Trade closed: target reached

Exiting Intraday positions

Jul 6, 2020

Note

The idea is relevant for tomorrow; will re-enter

Jul 8, 2020

Note

Its still in the value area. Don't take short positions unless Support at 80 gets broken with volume