Today's Opening - 155
Today's High - 159
Today's Low - 154
Today's Closing - 158
I am writing on this stock after almost 2.5 years.
A rare positive closing for this stock today with lower volumes.
The 14-day Negative Directional Index has dominated the Positive Directional Index since 16th May. The stock has been closing below the 5-day Exponential Moving Average since 16th May.
The 20-day Commodity Channel Index has been negative since 23rd May. The 10-day Rate of Change too has been negative since 23rd May.
The 12, 26-day Moving Average Convergence Divergence has been negative since 24th May. Lying below 30 since 20th June, the 2-day Relative Strength Index value has managed to cross 30 only today.
ONGC contributes to a whopping 61% of India's total oil production. The company's crude oil output has dropped by 4.3% during April-May compared to the same period last year.
There are fresh geopolitical tensions in Iran and Venezuela. The result is that there's a lot of uncertainty in the global oil industry.
The stock has lost more than 12% over the past three months and is currently trying to take support at the 151 level. Do not read today's rise as a trend reversal. The stock is still struggling to give any signs of a breakout. In case 151 gets broken, the stock might further come down to 125. Keep buying on dips.
If you find this analysis useful, you might want to read through my latest posts on BHEL, Bank of Baroda and Vedanta.
Today's High - 159
Today's Low - 154
Today's Closing - 158
I am writing on this stock after almost 2.5 years.
A rare positive closing for this stock today with lower volumes.
 |
| 90-days Trend for Movement of the Directional Indices (Green - Positive, Red - Negative) |
The 14-day Negative Directional Index has dominated the Positive Directional Index since 16th May. The stock has been closing below the 5-day Exponential Moving Average since 16th May.
The 20-day Commodity Channel Index has been negative since 23rd May. The 10-day Rate of Change too has been negative since 23rd May.
The 12, 26-day Moving Average Convergence Divergence has been negative since 24th May. Lying below 30 since 20th June, the 2-day Relative Strength Index value has managed to cross 30 only today.
ONGC contributes to a whopping 61% of India's total oil production. The company's crude oil output has dropped by 4.3% during April-May compared to the same period last year.
There are fresh geopolitical tensions in Iran and Venezuela. The result is that there's a lot of uncertainty in the global oil industry.
The stock has lost more than 12% over the past three months and is currently trying to take support at the 151 level. Do not read today's rise as a trend reversal. The stock is still struggling to give any signs of a breakout. In case 151 gets broken, the stock might further come down to 125. Keep buying on dips.
If you find this analysis useful, you might want to read through my latest posts on BHEL, Bank of Baroda and Vedanta.
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