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ONGC HITS FIRST FIBONACCI LEVEL

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NSE:ONGC   OIL & NATURAL GAS
ONGC
ONGC has hit the first fibonacci level and is expected to retrace from the point since a bearish candle has formed.

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On a weekly chart, its clear bullish until it break 178, what say
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@shiv643, it seems more like a double top consolidation phase to me, with a major support near 160-165 zone. However, an important thing to be noticed is that stochastic is in the oversold zone...so you can expect a technical pullback on a weekly scale.
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