ONGC LONG
Buying energy sector,
1. In a deflationary scenario, energy is often a hedge.
2. Equities are crashing and so are bonds.
3. There is a supply shock going on when it comes to crude oil.
4. US SPR is at 50% from all time highs.
Technical analysis,
1. Strong up trend.
2. Decent retracement, price below the 15 min 200 EMA.
3. August resistance may turn in to support INR 179.
4. Bullish divergence on the RSI.
1. In a deflationary scenario, energy is often a hedge.
2. Equities are crashing and so are bonds.
3. There is a supply shock going on when it comes to crude oil.
4. US SPR is at 50% from all time highs.
Technical analysis,
1. Strong up trend.
2. Decent retracement, price below the 15 min 200 EMA.
3. August resistance may turn in to support INR 179.
4. Bullish divergence on the RSI.
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