Should u buy this correction?
ONGC CMP 295
The stock has corrected 20% from the top. Is this correction an opportunity to buy??
Elliott- I can see 5 waves, hence the C leg of he correction is done. Here the v th wave is a failure.
Fib- The correction has halted at 61.8% of the swing, hence the trend is intact. Above 302 this stock will move up sharply.
Volume- falling volume is confirmation of a correction.
RSI - +ve divergence at support is a reversal signal. The break of the trendline and retest is a confirmation of the change. Taking support above bull zone is strength.
Directional Signal- The 5th wave failure has made a double bottom. Which is a directional buy signal. Directional signal means this signal alone is enough to buy this counter.
Previous highs- previous highs act as strong support. The double bottom is at the previous highs indicating strong support.
Conclusion - We have enough reasons to buy this counter on this welcome correction.
The stock has corrected 20% from the top. Is this correction an opportunity to buy??
Elliott- I can see 5 waves, hence the C leg of he correction is done. Here the v th wave is a failure.
Fib- The correction has halted at 61.8% of the swing, hence the trend is intact. Above 302 this stock will move up sharply.
Volume- falling volume is confirmation of a correction.
RSI - +ve divergence at support is a reversal signal. The break of the trendline and retest is a confirmation of the change. Taking support above bull zone is strength.
Directional Signal- The 5th wave failure has made a double bottom. Which is a directional buy signal. Directional signal means this signal alone is enough to buy this counter.
Previous highs- previous highs act as strong support. The double bottom is at the previous highs indicating strong support.
Conclusion - We have enough reasons to buy this counter on this welcome correction.
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