Oil & Natural Gas Corporation Limited (ONGC) Stock - Complete Technical Analysis - Oct 04, 2024

ONGC Stock Analysis: Key Levels to Watch for Potential Breakouts Technical Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Oil & Natural Gas Corporation Limited (ONGC) is currently trading at 295.25, reflecting a solid rebound from its 52-week low of 179.9, yet still trading below its 52-week high of 345. The stock's recent price action shows some volatility, with a Spinning Top candlestick forming today, signaling market indecision. Over the past week, the stock has been fluctuating between 290.55 and 301.80, showing resistance around the 300-305 range and support near the 290 mark.

Looking at the technical indicators, the RSI at 44.57 suggests that the stock is neither overbought nor oversold, indicating potential consolidation or a mild pullback before resuming its trend. The MACD remains in bearish territory, showing negative momentum, although the Stochastic RSI near 70 indicates the stock could be close to a reversal or temporary relief rally.

Support lies around the 290-295 zone, reinforced by the 200-day EMA near 275, while resistance is expected at the 300-305 range, in line with recent price peaks. The ADX at 25.74 reflects a moderate trend, but not a strong directional push, suggesting a potential sideways movement in the short term. Watch for momentum shifts as the Awesome Oscillator remains negative, highlighting ongoing selling pressure.

If the price breaks above 305 with volume, ONGC could target higher levels, but failure to hold above 290 might result in further consolidation or downside. For traders, keeping an eye on moving averages, especially the 50-day EMA at 303.5 and the 100-day EMA near 297, could provide clues for potential entry or exit points.