ONGC (ONGC IN) India

Energy

ChartAnalytics

This energy stock is poised for a fresh thrust on the upside - after finding support around the 50-day MA at Rs. 188 in Nov last year, ONGC's stock gradually rose but stalled around Rs. 280 in Feb, undergoing a corrective decline. The decline found support at the 50-day MA, leading to nearly a month of consolidation and forming a symmetrical triangle, a neutral pattern indicating potential continuation. A breakout from this pattern recently occurred with an exceptional volume increase, indicating bullish sentiment. The stock is expected to gain momentum towards Rs. 320. Any price below Rs. 267 suggests exiting the stock.

- 19 April, 2024