STOCK PICK
ONGC
CMP: 400.35
Recommendation
Sell : Sell between CMP to 410
Stoploss : 420 (Close)
Targets : 370 - 340
Time : 2-6 Weeks
Observation
The stock is showing negative bias for the short term.
The stock has completed major “wave X” in the larger degree
and it has started next falling leg of A-B-C correction. In this
“wave A & B” has ended and “wave C” is in progress toward
370 – 340 levels.
The above mentioned target levels are 100% & 138.2%
projection level of last major legs.
In addition medium term trend line breakdown has been
witnessed which adds strength to the bearish stance. The
price is trading below 21 Day EMA i.e 419.
Traders could short the stock between CMP to 410 with the
stoploss of 420 for the targets of 370 - 340.
ONGC
CMP: 400.35
Recommendation
Sell : Sell between CMP to 410
Stoploss : 420 (Close)
Targets : 370 - 340
Time : 2-6 Weeks
Observation
The stock is showing negative bias for the short term.
The stock has completed major “wave X” in the larger degree
and it has started next falling leg of A-B-C correction. In this
“wave A & B” has ended and “wave C” is in progress toward
370 – 340 levels.
The above mentioned target levels are 100% & 138.2%
projection level of last major legs.
In addition medium term trend line breakdown has been
witnessed which adds strength to the bearish stance. The
price is trading below 21 Day EMA i.e 419.
Traders could short the stock between CMP to 410 with the
stoploss of 420 for the targets of 370 - 340.
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