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ONGC turned in a neutral performance last week. Though there was no deterioration in price, it could not move higher either. The moving average at Rs 900 and then the Fibonacci retracement level of Rs 915 would be the resistances for the week ahead. Failure to move above Rs 915 will make the stock dip to Rs 860 once more.

Though daily oscillators are beginning to look up, the weekly oscillators are still in sell mode. The medium term trend continues to be down. But long-term trend in this stock will not be under threat until the stock falls below Rs 780.

Lokeshwarri S. K.

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