ONGC: Medium Term Trend bullish

The stock has been moving up steadily and undertone looks bullish . Price has cleared resistance and the supports are holding: a classic sign of uptrend. Am expecting a rally to 298.8.
Trade closed: target reached: Price is within the striking distance of the target mentioned earlier. Tighten stops and/or exit partially.
Comment: Price reaches the target and cools off a bit. Have a look at the daily chart featured below.

Price has broken below the red-dashed-support line. In all probability, expect a slide to the lower red support line. This would be confirmed if the price fails at the broken support line at 275-ish, which would now act as resistance.


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.