Favourable RR OPTIONS in ONGC
Technical Analysis -
1. Falling channel breakout above DZ turned SZ
2. Going from lower range to higher range of rising channel
3. Sustaining above 20EMA & towards 200 EMA
4. OI data supportive - A Short Covering is to be seen after Long Buildup wipe out last 2 days Short Buildup
Go long in ONGC by buying CE -
1. ENTRY / TARGET as per spot chart - 139.2 / 144
2. SL using spot chart - 138
3. RR - 1:4
4. Strike Price - ONGC 25 AUG 140 CALL (or a little OTM as per your risk taking capacity)
Other considerations -
1. Considerably good result (might not be as per expectations)
2. Huge demand still to be seen given the dividend ex-date on 18th Aug'22
3. Avoid this trade if opens Gap Up or Gap Down by 1%
This is for educational purpose for others & not a recommendation. Please do a thorough analysis of your own before entering the trade.
1. Falling channel breakout above DZ turned SZ
2. Going from lower range to higher range of rising channel
3. Sustaining above 20EMA & towards 200 EMA
4. OI data supportive - A Short Covering is to be seen after Long Buildup wipe out last 2 days Short Buildup
Go long in ONGC by buying CE -
1. ENTRY / TARGET as per spot chart - 139.2 / 144
2. SL using spot chart - 138
3. RR - 1:4
4. Strike Price - ONGC 25 AUG 140 CALL (or a little OTM as per your risk taking capacity)
Other considerations -
1. Considerably good result (might not be as per expectations)
2. Huge demand still to be seen given the dividend ex-date on 18th Aug'22
3. Avoid this trade if opens Gap Up or Gap Down by 1%
This is for educational purpose for others & not a recommendation. Please do a thorough analysis of your own before entering the trade.
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