OIL AND NATURAL GAS CORPORATIO BSE:​ONGC

ONGC announced mute result however the stock will surge as the crude oil price is gaining. Every dollar gain in crude oil will ongc to make profit of 900cr+..As long as the crude oil is in track the company will perform. Just add with the target of 205

ONGC has formed bearish divergence with respect to money flow index. Also price is close to minor resistance. It has failed to close above 200 EMA. These factors contribute to the negative bias. If the stock closes above 200 ema and minor resistance line it might show further upmove in coming days.

It has been observed that the price action formed a double bottom at 155-157 levels and now showing strength and pushing up price action to new highs and changing the trend from lower lows to higher lows and higher highs. It is a positive indication and the stock shall perform well in coming session. T1- 170 T2- 175 SL- 162

ONGC has strong support near 155 zone and stock was trading in a 10 point range for the past 12 weeks. RSI is making higher highs while prices remained stable, which is classic case of bullish RSI divergence. RSI is currently 47 and stock is showing signs of breaking out of this 10 point range. RSI close above 50 will provide further momentum for this stock to ...

ONGC - One can go long for the target of 165 & 168. SL- 160. Interestingly It had bounced from textbook level of 61.8% fib level on daily charts.

Expecting down trend based on KST graph and volume levels

ONGC has formed a rounding bottom with a flag. Notice the hidden divergence. Seems to be a good medium term buy.

long above 200 sl: 187 Target 230, 300

as we can see the bearish engulfing pattern there and bearish divergence there

It is been observed that the price action on daily chart formed two channels. Firstly a downward trending channel and secondly the upward moving channel. Indicating price change movement and change in control of dominance over price actions. Channels are powerful tools when it comes to finding trend. Therefor I would highly recommend to beginners to practise it ...