Strong Bullish Outperformance: Despite the broader Nifty 50 crash, ONGC has surged +6.24% this week, closing at 281.95 and showing immense relative strength.
Major Resistance Breakout: The price has successfully cleared the orange horizontal resistance line at 275.10, which acted as a significant barrier during the peak in early March.
Uptrend Structure: The stock is maintaining a healthy "higher high, higher low" structure on the weekly scale, firmly supported by a primary demand zone (the pink line) at 251.85.
Volume and Momentum: The large green body of the current weekly candle, with a high of 285.00, indicates strong institutional buying, likely driven by the spike in global crude oil prices due to geopolitical tensions.
Major Resistance Breakout: The price has successfully cleared the orange horizontal resistance line at 275.10, which acted as a significant barrier during the peak in early March.
Uptrend Structure: The stock is maintaining a healthy "higher high, higher low" structure on the weekly scale, firmly supported by a primary demand zone (the pink line) at 251.85.
Volume and Momentum: The large green body of the current weekly candle, with a high of 285.00, indicates strong institutional buying, likely driven by the spike in global crude oil prices due to geopolitical tensions.
Automated Tools/Indicators/Screeners available at kkonline.org/nimblrta
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Automated Tools/Indicators/Screeners available at kkonline.org/nimblrta
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.