ONGC came out of its channel in January and made a high of 355 and then corrected to almost 50% from where it started bounced back. Stock formed a descending triangle from which it broke out yesterday.
Short Term:
Like to post the chart today(9-March-2013). ONGC gave a triangle break from yesterdays trade which shows there is going to be a strong up move. Keep adding the stock on every DIP.Stock have a potential to go to 335 to 346 levels.Go long with strict SL at 50 DEMA 311.5.
Long Term:
ONGC gave a triangle break out and stock is also in strong up move. Stock also looks fundamentally strong sitting with cash in books. Raising prices in diesel will be beneficial to the company and it may continue its uptrend towards 400 to 450 levels in coming months. Go long on the stock in every DIP wtith strick SL at 300 levels.
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