Today's Opening - 153
Today's High - 157
Today's Low - 152
Today's Closing - 156
Another range bound yet positive closing day for the stock with volumes almost 30% lower than the previous five days' average.
The 14-day Negative Directional Index continues to dominate the Positive Directional Index since 16th May.
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| ONGC Directional Indices - 90 Days Trend |
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. Also, the 10-day Momentum has been negative since 23rd May.
The 12, 26-day Moving Average Convergence Divergence has been negative since 24th May. The 2-day Relative Strength Index value has managed to cross 30 and remained there since 29th June.
ONGC has lost almost 14% over the past three months and is currently trying to take support at the 151-152 level. As I had mentioned in my post on 29th June, in case 151 gets broken, the stock might further come down to 125. While the stock has managed to sustain above 151, I continue to maintain a negative outlook on this stock. Keep buying on dips.
If you find this analysis useful, you might also want to read through my latest posts on BHEL, Vedanta and Tata Motors.
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