ONGC Technical View
- It was in a consistend downtrend with lower tops and lower bottoms.
- A pretty long falling wegde or triangle formation breakout.
- Also lot of recent tops at 220 have been crossed.
- This indicates a change of trend with supports at 220/211.
- Upside resistances at 245-250 and 270.
Disclosure - The stock has been recommended in Technical Traders Club at 221 .
Nooresh Merani
Securities covered above:: ONGC
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May 15, 2016
the volume doesn’t seem to support the breakout…also crude is uncertain hence doesn’t look like a breakout