ONGC round.....be Long...good chane of cup and handle formation at later stage I am in from 236
NSE:ONGC 50 DAY MA Crossed above 200 DAY. Price is consolidating now. UpTreand target is 363 and stop loss 232
After a long slide from 450 to 200, finally it looks like ONGC ( Oil and Natural Gas Corporation of India ) wants to go higher or at least stabilize near this band. We are dabbling with long entries scattered near 220. There is still lot left in the tank if stock starts moving in the right direction. Next significant hurdle comes in around 260 and after that...
Adivsed to buy in the range 224.50-225.50... for tgt 235.. High made 241.50... Trader may book profit
Buy between 224.50 - 225.50... with SL 222.... for Tgt.. 228...231...235.........
Three reasons ;- 1.) Close above 200 Day MA after a long time 2.) Breaking out of the triangle and a strong resistance line at 225. 3.) Break out above 211, strong resistance trend line.
VERY STRONG HIGH PROBABILITY TRADE SET UP ON ONGC ON WEEKLY
Cues from Futures market - ONGC may touch 228 by June Expiry. Dash line should not be broken and hence stop loss to be maintained