Published on 28/08/2019 4:36:31 PM | Source: Choice Broking Pvt Ltd

Sell Oil and Natural Gas Corporation Ltd For Target Rs.111.10 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #ONGC #Oil and Gas Sector #Trading Report #Choice Broking

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* On an hourly chart, the stock has given a breakout of its Falling Wedge Formation which is a Bearish Reversal pattern and indicates a downside movement in the counter.

* Moreover, the stock has given a close below its 21 & 50 Hourly Moving Average which shows a negative rhythm in the counter.

* On a weekly chart, the stock has given a breakout of its Strong Support which was placed at 127 level, which suggests a weakness in the counter.

* A weekly momentum indicator RSI reading is at 25.55 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a further downside movement in the counter in a few trading sessions.


Sell Oil and Natural Gas Corporation Ltd @ 121.50-122.20 Stoploss 127 Target 111.10


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