1. DIYTechnicalAnalysis is a private community of traders and investors interested in building wealth from Indian equity market. You can become a member with a one time registration fee of ₹199. Click here to become a member

Buy

Discussion in 'Technical Analysis' started by siva934127, Dec 20, 2014.

  1. siva934127

    siva934127 Member

    Joined:
    Nov 7, 2012
    Messages:
    195
    Likes Received:
    10
    Hi ,

    ONGC has come out from a oversold region after a long time and gave a break out from lower levels, please find the attachment and let me know your suggestions.

    Thanks,
    Siva.
     

    Attached Files:

    siva934127, Dec 20, 2014
    Share #1
  2. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,703
    Likes Received:
    1,940
    Can you share how you see it has come out of oversold region?
     
    shabbir, Dec 20, 2014
    Share #2
  3. siva934127

    siva934127 Member

    Joined:
    Nov 7, 2012
    Messages:
    195
    Likes Received:
    10
    I said oversold not based on indicator wise ... based on last 6months data came to an assumption.

    Thanks,
    Siva.
     
    siva934127, Dec 20, 2014
    Share #3
  4. saptarshi_sachin

    saptarshi_sachin Responder

    Joined:
    Jul 20, 2013
    Messages:
    285
    Likes Received:
    73
    In my opinion ongc should be 'avoided' for the time being till international crude prices stabilize. Ongc is in a downtrend and we haven't got anything which strongly states that ongc is showing signs of bottoming out. It might have built some sort of a base but i think its too early to say that perfectly. If crude falls more in the very near term breaching current levels then we might see further fall in ongc. Till crude prices find some base or bottom and stabilize, ongc is a 'Sell' on rise or best be avoided.
     
    saptarshi_sachin, Dec 20, 2014
    Share #4
  5. siva934127

    siva934127 Member

    Joined:
    Nov 7, 2012
    Messages:
    195
    Likes Received:
    10
    What you said is right and in crude oil chart price is trying to stabilize but not yet given breakout/down.

    As per my opinion, In India stocks take action early or lately compare to other indices.


    Please find the attachment.

    Thanks,
    Siva.
     

    Attached Files:

    siva934127, Dec 20, 2014
    Share #5