Oil & Natural Gas Corporation Limited (ONGC) Stock - Complete Technical Analysis - Nov 05, 2024

Technical Analysis of ONGC: Support, Resistance, and Key Insights for Traders

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. In this technical analysis of ONGC, we observe the stock trading at 267, below its 52-week high of 345. Recent price action shows a downtrend with significant volatility. The price dropped sharply on November 4th, closing at 265.30 after a brief surge earlier in the day.

Key indicators show that the stock's RSI is at a neutral level, while MACD indicates bearish momentum. The support is identified around 261.65, and resistance at 274.35. The average true range suggests high volatility, which could lead to unpredictable price movements. If the stock can break the resistance at the pivot point of 273.72, it may target higher levels, but traders should remain cautious and manage their risk effectively. Overall, it's essential to stay alert to the market's signals as ONGC navigates these key levels.