Short ONGC around 188 to 190

30 Nis 2017

Reason 1: We can short ONGC around 190 zone since we have a breakout this could mean that wave 3 has ended and wave 4 is about to start.

Reason 2: Wave 4 is exactly 38.2% Fib level away wave 3.

Please post your comments and let me know what you think

1 May 2017

Not

1 May 2017

Not

We are possibly seeing wave 3 at 161% end and start of wave 4. This should go up and test 191 level.

2 May 2017

İşlem aktif

We can short this around 190 area with stoploss around 193.

2 May 2017

İşlem elle kapatılmış

Our stop had been hit.

6 May 2017

Not

This was a good trade even though trade had to be closed. The most likely culprit is institutional buying of stock. Stock had been rising quite fast and has now corrected just as fast right after making a high of 194.75 and taking out our stoploss at 192. ONGC has corrected 2.7% in the last trading session. More selling would be on the counter if it takes out the 178 mark.