Oil & Natural Gas Corporation Limited (ONGC) Stock - Complete Technical Analysis - Oct 14, 2024

Bearish Signals in ONGC: Key Insights for Traders Technical Analysis

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. Today, Oil & Natural Gas Corporation Limited is trading at 286.50, which is 16.96% below its 52-week high of 345. The recent bearish engulfing and evening star patterns suggest a potential reversal in the current downtrend. The stock has been experiencing notable volatility, with a significant drop from the previous high, indicating increased selling pressure.

The current price is also 59.26% above its 52-week low of 179.90, indicating overall bullish sentiment over the longer term. However, the Relative Strength Index (RSI) is at a neutral level, reflecting indecision among investors. The MACD shows bearish momentum, signaling that the downtrend could continue. The Average Directional Index (ADX) indicates a moderately strong trend, while the Awesome Oscillator suggests a potential momentum shift, aligning with the bearish patterns.

Support levels are critical to monitor, especially around the recent low of 285.15, which aligns with the Classic Pivot S1 at 276.08. A break below this level may trigger further selling. Resistance is expected at the recent high of 292.90 and more significantly at the pivot point of 304.02. Given the current trend and technical indicators, traders should exercise caution and look for clear signals before entering positions, as the market may continue to exhibit bearish tendencies in the short term. Watching for a potential breakout above 292.90 could offer a buying opportunity, while a drop below 285.15 may necessitate a reassessment of long positions.