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RSI pullback buy setup suggests buying opportunity in ONGC
Entire bullish view negates on breaching of a crucial support and one should exit from long position in ONGC.
January 24, 2021 / 07:56 AM IST
RSI stands for Relative Strength Index. It is a momentous oscillator used to identify trend reversal. RSI was invented by Welles Wilder Jr. The default look-back period for RSI is 14, however this can be lowered to increase sensitivity or raised to decrease sensitivity. RSI calculates strength of stock trend and helps to predict their reversals.
Why to Buy Oil & Natural Gas Corporation (ONGC)?
There are a lot of trading strategies using RSI; below mentioned is one of the most popular among trading community which involves buy after completing retracement for higher movement.During the last few days, RSI had given a breakout by trading above 50 levels from below and made a high of 78. Thereafter, it is trading lower or retracing towards centre line placed at 50 ....

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