I have noticed an alternative pattern in ONGC. This could play out if the previous major patter was an ending diagonal. In the current pattern it is possible that ONGC has finished the B wave of the ABC and is now due for a C wave which should complete @ 150 kinda levels. A breakout to the lower side would confirm the continuation of the C wave and this seems to...
This Chart was prepared at the start of 2019 when I started trading futures on Yes bank and saw a particular pattern which played that no matter what, the stock respects the MAJOR S/D levels.
Apart from that, fundamentally, the company`s quarterly results were the cause for the major plummet from mid 200 to the current levels and prior to that the push was...
GO SHORT IF IT BREAK 187.50 THEN IT MAY GO UP TO 167.5 ///FROM OCT 2018 TO 1 ST APRIL 2019 (187 TO 188 )WAS THE MAJOR RESISTANCE. AFTER IT BREAK 187 PRICE ON 2 ND APRIL 2019 ////// IT WENT UPTO 237.. AND AGAIN IT CAME DOWN TO 190.80 TODAY ...SO 187 WILL BE MAJOR SUPPORT NOW, SO IF IT BREAKS THAT , THEN IT MAY GO UPTO 167.50 .
2/5 MAs cross over done and soon the script should start moving up. Once the MACD signals enters
inside the histogram above 0,(marked in rectangle) the probability to reach the expected targets gradually increases.
Once the 1st resistance in blue line crosses and closes the 50% percentage achieved and crossing each blue
line percentage wise reaching target increases.
Raymond could possibly head higher to retest the previous highs once it finishes the consolidation pattern that it is in currently. A lower entry, close the recent low could be a great entry for a good risk/ reward. As always, Wait till confirmation, patiently.
The demand supply zone on weekly chart is between 520-524. This zone is being tested for third time.
In third test on 17th May price opened gapdown into the zone.
Another point to be noted is it's gapdown open was within range of previous bar. The gap was ultimately filled in the same day.
Close is within the zone.
If open is above 524 , we can have short term...
Yesbank has been struggling with the bears from poor results. Seems like a good gains from range of 125-30. (Aiming for 300-310 if hold on technicals).
current rend - Downtrend/bearish
RSI oversold on till daily charts.
Consider fundamentals and enter with confirmations.