Technical Pick – ONGC
• ONGC is finding support at 178 and resistance above 181.
•On Daily chart, ONGC is showing breakout point above 181 level.Break and sustain above 181 will see nonstop rally till 184--187 and then to 190+++ in weeks to come.
• ONGC has been trading in a broader range of 155--212 for last one year.
•Stochastic too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 184--187 and then to 190+++ in weeks to come.
For positional trade, stop loss seeing below 178 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy ONGC above 181 and for the initial upside target of 184--187AND THEN TO 190+++ mark with stop loss below 178 on closing basis.
More will update soon!!!
