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
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