India's Oil Giant : ONGC; Analysis

I will discuss my idea on ONGC.

Technical parameters:
MACD - Signal crossed yesterday.
RSI- above 30 but trend confirmed if it goes above 50.
PVT- divergence points trend has started.

Though the stage is early,I would like to trade on confirmed opportunities.
When FIB ratio applied,it is inferred it has to decisively cross, 0.382, which is 168.20.
with cushion of 0.119, the price which I would like to buy is above 169.25.

While every other stock in oil and gas space has moved up,this one has been a laggard for many
weeks. While the upward price move can be because of shorts covering and some buying, we have to
wait for the momentum.

For that we have to wait for the prices to trade above the previous week high 167.85.

Coming to the target setting, we cant apply the standard FIB setting, but the other way round.
The weekly previous high,recent low candles fib are drawn.
The yearly low candle and the recent low candle fib are drawn.

Looked for the confluence and it is seen at 223.30.
Getting out early always advisable,223.30 minus -0.119 set at 221.75 .

And that is 31% yield.

If the stock triggers my buy price coming week , I assume my target will be achieved in 12 weeks,the candles counted from the year low counted as 0,all previous candles counted is 12.

31% yield in 3 months is better.

Thank you for reading.