ONGC: 2nd Opportunity to Buy...!!!
ONGC
Closing Price 90.55
- The stock chart pattern was identified at levels of 67 and we have seen a stupendous rally
- the current correction has brought it back to 38.3% Fibonacci retracement levels which if held can push the stock back to 100+ levels
- a close below 87 levels may take the stock to 80 odd levels
- since December 14th, Open Interest in Futures data was on a decline. However today we witness a 11.56% surge in Open Interest and closing has been above day's average
- the way we see it, charts and data analysis suggest it still has unfinished business and can take the stock higher to at least 114 odd levels.
- at current levels and on further dips, stock provide good risk::reward ratio and one may consider to enter from medium term perspective
If you find the analysis helpful Do hit the Like button
Follow for more such ideas...🙏🙏
Take care & safe trading...!!!
Disclaimer:
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Closing Price 90.55
- The stock chart pattern was identified at levels of 67 and we have seen a stupendous rally
- the current correction has brought it back to 38.3% Fibonacci retracement levels which if held can push the stock back to 100+ levels
- a close below 87 levels may take the stock to 80 odd levels
- since December 14th, Open Interest in Futures data was on a decline. However today we witness a 11.56% surge in Open Interest and closing has been above day's average
- the way we see it, charts and data analysis suggest it still has unfinished business and can take the stock higher to at least 114 odd levels.
- at current levels and on further dips, stock provide good risk::reward ratio and one may consider to enter from medium term perspective
If you find the analysis helpful Do hit the Like button
Follow for more such ideas...🙏🙏
Take care & safe trading...!!!
Disclaimer:
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.