tRex88

ONGC monthly chart study

NSE:ONGC   OIL & NATURAL GAS
1) ONGC has broken the major support and now making a pullback.
2) Current bullish move appears to be a pullback and not reversal. Hence fresh buying has to be avoided for long term positional buyers.
3) The major trend line could now act as a resistance.
4) On day chart ONGC has broken the falling channel top.
Comment: Channel breakout on day chart

Comment: Requested to avoid fresh buying on Aug 24 when ONGC was at 175+
Ongc could see further downside towards 125 in days to come
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