ONGC is trading near its 52-week low. Can I enter now?
- Ratnesh Kumar
AVOID BUYING ONGC FOR NOW.
ONGC is currently trading at Rs 152.25. Its 52-week high/low stand at Rs 212.90/Rs 144.90 made on January 25, 2018 and October 8, 2018, respectively. To begin with, the stock is trading below its important long term moving average, i.e. 200-day EMA. Since the beginning of the year 2018, the stock has seen a decline, which halted near its lower end of the channel on the monthly time frame. The 14-period daily RSI is quoting at 40.12, also the stock has not managed to cross the 60 mark since early October. Considering there is no momentum in the stock at the current levels, we suggest avoiding this stock for now.