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Long

ONGC: Medium Term Trend bullish

NSE:ONGC   OIL & NATURAL GAS
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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.
Oct 24
Trade closed: target reached: Price is within the striking distance of the target mentioned earlier. Tighten stops and/or exit partially.
Nov 03
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.
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