Technical Outlook & Trading Strategy:-
The share price of ONGC has registered a breakdown form a descending triangle formation on its weekly chart.
It should be noted that descending triangle breakdown signifies distribution and suggest price decline.
We believe that the stock price could decline towards the levels of Rs 249 /Rs 245 in the near term.
We recommend Sell at current levels and again on pullbacks to the level of Rs 259 - Rs 261 with a stop loss placed above Rs 265.60.
No comments:
Post a Comment