Oil & Natural Gas Corporation Limited (ONGC) Stock - Complete Technical Analysis - Nov 27, 2024

ONGC Stock Analysis: Will It Rebound Above 260 or Break 250 Key Levels & Trading 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.

ONGC's current technical setup shows mixed signals. The stock trades at 254.30, reflecting consolidation, with support at 250 and resistance around 260. ADX confirms a strong trend, but RSI indicates caution, while the MACD remains bearish, warning of continued selling pressure. Recent volatility, highlighted by price gaps between 248 and 260, suggests indecisiveness, and the Awesome Oscillator supports a bearish bias.

However, with Fibonacci and Camarilla pivot levels offering guidance, a break above 273 could initiate a bullish move towards 290. Investors should watch for MACD crossovers or RSI dips below 30 for potential entry points. Long-term indicators like ROCE at 18.5% and ROE at 14.3% highlight ONGC's solid fundamentals, making it attractive for value investors despite short-term volatility. Near-term traders should remain cautious around current levels, while long-term accumulation may be prudent if support holds at 250.