Intraday Strategy for ONGC 5 April 2021

For Educational Purpose Only :

Go Long above 105.3 for Targets of 106.25, 107.7

Reasons :

1. On 15 min timeframe chart stock will give a trendline breakout when it crosses 105.3.

2. Stock formed a double bottom pattern (shown in yellow color), which is a bullish pattern, around 0.618 Fibonacci Level

3. On a daily timeframe chart stock formed a Bullish Engulfing pattern.

Note: Here our SL will be the swing low of the breakout candle.