Recent Price Action (Feb–April 2026)
March Peak: Hit around ₹293.
Sharp Correction: Quick drop to ~₹260 (classic profit-booking after the rally).
V-Shape Recovery: Strong rebound in late March, pushing price back up to the current level.
Now stock trading near second top and also last candle on day timeframe suggesting some selling pressure on chart. so correction from here will complete double top pattern.
Current Verdict:
ONGC is in a healthy pause within a strong uptrend. The +0.96% move today shows buyers are still active. The recent dip to ₹260 was bought aggressively — a very positive sign. but at second top the stock is coiling just below resistance, setting up for the next leg down.
Bullish Case (Primary Trend):
ONGC stays above the rising trendline.
A decisive close above ₹290–293 would confirm a fresh breakout.
Potential targets: ₹300–310+ in the coming weeks/months (extension of the channel).
Bearish / Corrective Case:
Loss of the rising trendline support (break below ₹270–275 on daily close).
Next major support: ₹260 and then ₹245–250 zone.
March Peak: Hit around ₹293.
Sharp Correction: Quick drop to ~₹260 (classic profit-booking after the rally).
V-Shape Recovery: Strong rebound in late March, pushing price back up to the current level.
Now stock trading near second top and also last candle on day timeframe suggesting some selling pressure on chart. so correction from here will complete double top pattern.
Current Verdict:
ONGC is in a healthy pause within a strong uptrend. The +0.96% move today shows buyers are still active. The recent dip to ₹260 was bought aggressively — a very positive sign. but at second top the stock is coiling just below resistance, setting up for the next leg down.
Bullish Case (Primary Trend):
ONGC stays above the rising trendline.
A decisive close above ₹290–293 would confirm a fresh breakout.
Potential targets: ₹300–310+ in the coming weeks/months (extension of the channel).
Bearish / Corrective Case:
Loss of the rising trendline support (break below ₹270–275 on daily close).
Next major support: ₹260 and then ₹245–250 zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.