After a very long time ONGC is about to break the downward trendline..Crude prices are up, Gas prices are supposed to incease from 1st Oct and this could be a major trigger for ONGC.
ONGC in the last 1 month has finally broken above the 200 day moving average on the weekly and monthly timeframes too. It brokedown below in July 2021.
ONGC will also finally make a higher high on the monthly timeframe above 142 which is where it could make for an interesting long trade. SL for this trade would be 132 which is slightly below the 200MEMA.
For someone that wants to preempt the trade. Start at CMP but 50% quantity and keep SL at 130. Once it crosses 142 double up the allocation (my preferred method)
The only danger is if the govt pressures ONGC with any oil subsidies with crude rising to new highs.
ONGC in the last 1 month has finally broken above the 200 day moving average on the weekly and monthly timeframes too. It brokedown below in July 2021.
ONGC will also finally make a higher high on the monthly timeframe above 142 which is where it could make for an interesting long trade. SL for this trade would be 132 which is slightly below the 200MEMA.
For someone that wants to preempt the trade. Start at CMP but 50% quantity and keep SL at 130. Once it crosses 142 double up the allocation (my preferred method)
The only danger is if the govt pressures ONGC with any oil subsidies with crude rising to new highs.