ONGC Ltd – Breakout Retest in Progress
ONGC
📈 Pattern & Setup:
ONGC has been showing a consistent bullish structure with higher lows and a breakout attempt above the key resistance zone around 254–256. The recent breakout candle was supported by a healthy volume spike, signaling genuine buying interest from institutions.
After the breakout, the stock pulled back slightly to retest the breakout zone — a typical price behavior before continuation. This retest phase is crucial as it often separates short-term traders from strong holders.
If the stock sustains above 254 with volume confirmation, it may start its next leg toward 282–285 levels, aligning with its 9.88% projected move from the breakout range.
📝 Trade Plan:
✍Entry: Above 257 (confirmation after retest)
🚩Stop-Loss: 246 (below recent swing low)
🎯Targets:
Target 1 → 270
Target 2 → 282 (around 10% potential move)
💡 Pyramiding Strategy:
1. Enter 60% above 257 after confirmation of retest
2. Add 40% above 262 once strong volume returns
3. Trail stop-loss to 252 once the stock trades above 270
Keep Learning. Keep Earning.
Let’s grow together 📚🎯
🔴Disclaimer:
This analysis is for educational purposes only. Not a buy/sell recommendation. Please do your own research or consult your financial advisor before trading.
ONGC 📈 Pattern & Setup:
ONGC has been showing a consistent bullish structure with higher lows and a breakout attempt above the key resistance zone around 254–256. The recent breakout candle was supported by a healthy volume spike, signaling genuine buying interest from institutions.
After the breakout, the stock pulled back slightly to retest the breakout zone — a typical price behavior before continuation. This retest phase is crucial as it often separates short-term traders from strong holders.
If the stock sustains above 254 with volume confirmation, it may start its next leg toward 282–285 levels, aligning with its 9.88% projected move from the breakout range.
📝 Trade Plan:
✍Entry: Above 257 (confirmation after retest)
🚩Stop-Loss: 246 (below recent swing low)
🎯Targets:
Target 1 → 270
Target 2 → 282 (around 10% potential move)
💡 Pyramiding Strategy:
1. Enter 60% above 257 after confirmation of retest
2. Add 40% above 262 once strong volume returns
3. Trail stop-loss to 252 once the stock trades above 270
Keep Learning. Keep Earning.
Let’s grow together 📚🎯
🔴Disclaimer:
This analysis is for educational purposes only. Not a buy/sell recommendation. Please do your own research or consult your financial advisor before trading.
TrendX INC
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
TrendX INC
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.