ONGC (1210.20)


ON DAILY CHARTS ITZ ON THE VERGE OF BREAK DOWN FROM THE RISING WEDGE. THE CMP i.e., 1200-1195 IS THE MAJOR SUPPORT AND OTHER SUPPORT AREA EXIST AT 1165-1153-1110. AND THE KEY RESISTENCE COMES AT 1263. ONCE THE FALL OCCUR FROM THE RISING WEDGE, I SEE SOME LOWER LEVELS.

ON WEEKLY CHARTS, THIS STOCK LOOKS VERY COMFORTABLE, TAKING THE CASE OF RISING WEDGE FORMATION ON DAILY CHARTS, I CAN SEE SMALL FALL CAN OCCUR. NOW ONGC BACK ON TRACK, IT BACK IN THE 2 YEARS UPTREND CHANNEL, WHERE IT CONNECTED FROM THE MAY 04 LOW. IN THE NEAR TERM THE STOCK WILL TRADE WITHIN THE UPTREND CHANNEL WHICH U SEE ON THE CHARTS.