ONGC climbing to 132 in June 2021
Aktualisiert
1. ONGC has formed a double bottom on the 1 hour chart
2. Bullish wedge formed on the day chart.
3. Consolidation is observed between 109-118 range.
4. RSI has pulled back from overbought to 60, which leaves some breathing space between 60 - 80 levels.
The 3 observations above lead me to expect a potential 5th Wave (101-136) forming on the weekly chart during May to June.
107 is a strong support, hence stop loss at a dip below 107.
This trade has a risk to reward ratio of 2.41.
Comments on the idea are welcome!
2. Bullish wedge formed on the day chart.
3. Consolidation is observed between 109-118 range.
4. RSI has pulled back from overbought to 60, which leaves some breathing space between 60 - 80 levels.
The 3 observations above lead me to expect a potential 5th Wave (101-136) forming on the weekly chart during May to June.
107 is a strong support, hence stop loss at a dip below 107.
This trade has a risk to reward ratio of 2.41.
Comments on the idea are welcome!
Anmerkung
Risk of retracement persists until price breaks above 119.Anmerkung
Price has touched 126 today. RSI is climbing upwards.Trade geschlossen: Ziel wurde erreicht
Reached 134 today. Timing was delayed.
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