Long on ONGC for Long term
The stock reached ATH of 314.55 on 9th June 2014. It then fell by almost 84% to reach 50 on 13th Mar 2020.
It took support at the lower trend line to reach high of 194.95 on 8th Mar 2022. It faced a correction of almost 38% reaching a 52W low of 119.85. on 6th July 2022.
Recently, it took support from lower end of the channel rising nearly 33.62% in 9 months. Recently it gave a breakout from upper resistance trend line with a large bullish candle rising 4.35% on 10th Apr 2023.
The stock is trading above all short term as well as long term moving averages.RSI is above 60, which indicates bullishness.
Maintain a Stop Loss of 150.55 on daily closing basis.
Potential: 28% to 60%
It took support at the lower trend line to reach high of 194.95 on 8th Mar 2022. It faced a correction of almost 38% reaching a 52W low of 119.85. on 6th July 2022.
Recently, it took support from lower end of the channel rising nearly 33.62% in 9 months. Recently it gave a breakout from upper resistance trend line with a large bullish candle rising 4.35% on 10th Apr 2023.
The stock is trading above all short term as well as long term moving averages.RSI is above 60, which indicates bullishness.
Maintain a Stop Loss of 150.55 on daily closing basis.
Potential: 28% to 60%
Note
Target 1 achieved on 4th Dec' 2023 !Note
Target 2 achieved on 2nd Feb'2024 !!Trade active
Next Target : ONGC will breach its ATHTrade closed: target reached
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