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Lokeshwarri S. K.

ONGC slipped below its 200 day moving average last week. But it has managed to close the week above Rs 800. The price is currently in the island between the 50-day and 200 day moving averages.

The 14-week RSI is at 51 and 10 week ROC is just above the zero line indicating that the crack can get wider unless the stock manages to pull above Rs 845.

Reversal from current levels will be a good shorting opportunity with a stop at Rs 850. Downward targets are Rs 752 and then Rs 705.

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