ONGC Ltd – Breakout Retest in Progress

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

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🔴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.