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ONGC Witnesses a Multiyear Breakout - What's Next?
OIL AND NATURAL GAS CORP.
Long
ONGC Witnesses a Multiyear Breakout - What's Next?
By GoodluckCapital
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Jul 19
5
Jul 19
When analyzing the monthly chart, it's clear that the stock price has experienced numerous fluctuations.
In June '14, the stock reached a high near 315 level before taking a sharp downturn.
By March 2020, the stock price had plummeted to just 50 INR.
However, from that point, the stock began a strong upward movement with significant volume increase.
An ascending triangle pattern appeared on the chart, and the price successfully broke through the pattern to continue its upward trend.
Ultimately, the stock managed to surpass its previous resistance.
As long as it maintains above the 300 level, the price is likely to continue its upward trajectory.
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