Hi Guys,
Welcome to Thenali Views,
Let us see the my views in ONGC,
ONGC has formed in the Bullish Trend, as Higher High and Higher Lows are formed and the script hasn't braked the last line of defense and new market structure was formed.
And we can consider, that Morning Star was formed and the script has taken a support at the trend line and a double bottom was formed in the script.
Hence, we can go for Long in the script :
Buy at 115.30
SL - 110.50 ( in Closing Basis)
Target - 128
Risk to Reward: 1: 2.66
if the script brakes and close above 128 in daily time frame then the neckline of the double bottom was broken and even we can trail the stop to the next resistance level of 148-149.
Hope this sound good.
Thanks and Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis and contact your financial advisor.
I am not a SEBI Registered Analyst and this idea was for educational purpose.
Welcome to Thenali Views,
Let us see the my views in ONGC,
ONGC has formed in the Bullish Trend, as Higher High and Higher Lows are formed and the script hasn't braked the last line of defense and new market structure was formed.
And we can consider, that Morning Star was formed and the script has taken a support at the trend line and a double bottom was formed in the script.
Hence, we can go for Long in the script :
Buy at 115.30
SL - 110.50 ( in Closing Basis)
Target - 128
Risk to Reward: 1: 2.66
if the script brakes and close above 128 in daily time frame then the neckline of the double bottom was broken and even we can trail the stop to the next resistance level of 148-149.
Hope this sound good.
Thanks and Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis and contact your financial advisor.
I am not a SEBI Registered Analyst and this idea was for educational purpose.