ONGC- Bullish view

---

# ONGC: Bullish Reversal Brewing | Falling Wedge Breakout in Focus

### Analysis

ONGC has witnessed a sharp correction from the recent highs and is now showing early signs of a trend reversal.

The stock has bounced from a rising long-term support trendline while momentum indicators are beginning to improve.

### Bullish Signals

✅ Price holding above long-term support

✅ RSI recovering from oversold region (bullish momentum building)

✅ MACD showing early bullish crossover

✅ Strong buying seen near support

✅ Risk-reward favorable near current levels

### Entry

**₹243–248**

Aggressive traders can accumulate in this zone.

### Stop Loss

**₹228 (Daily Closing Basis)**

### Bullish Targets

🎯 **Target 1:** ₹265

🎯 **Target 2:** ₹288

🎯 **Target 3:** ₹312

### Confirmation

A sustained close above **₹250–255** with above-average volume would strengthen the bullish case and increase the probability of a move toward higher targets.

### Invalidation

A daily close below **₹228** would invalidate the current bullish structure and may lead to further downside.

### Risk Management

* Trail stop loss once Target 1 is achieved.
* Book partial profits near each target.
* Avoid oversized positions before breakout confirmation.

### Conclusion

The current setup suggests that ONGC may be entering the early stages of a medium-term recovery. As long as the rising support remains intact, the bias stays positive. A breakout with strong volume could trigger a fresh uptrend toward **₹265, ₹288, and ₹312** over the coming weeks.

---

**Disclaimer:** This analysis is for educational purposes only and should not be considered investment advice. Always conduct your own research and manage risk appropriately.