ONGC

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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.

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