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.
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Channel breakout on day chart
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Requested to avoid fresh buying on Aug 24 when ONGC was at 175+ Ongc could see further downside towards 125 in days to come