ONGC

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Pramod Gupta

I bought ONCG re­cently at Rs 170.50 level. It is trad­ing above that. Should I hold?

HOLD ONGC WITH A STOP LOSS OF RS 166

ONGC is cur­rently trad­ing at Rs 168.90. Its 52-week high/low stand at Rs 212.90/Rs 152.45 made on Jan­uary 25, 2018 and June 26, 2018 re­spec­tively. The stock con­sol­i­dated at its 52-week low lev­els and also formed a dou­ble bot­tom kind of pat­tern. The stock bounced back form­ing a round­ing pat­tern. Con­sid­er­ing the weekly time frame, the stock wit­nessed an up­beat for three con­sec­u­tive weeks, which is up to 50% re­trace­ment of the prior down­ward rally from Rs 191.85 to 52-week low. Hence, if the stock sus­tains above Rs 172.50, it may give some more up­side in the near term. We sug­gest you to hold with a stop loss of Rs 166.

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