Comments
Shares of oil explorer Oil and Natural Gas Corporation fell as much as 1.8 per cent to ₹ 131, their lowest since March 3, 2016
The stock has broken below the support level at ₹134.65, the 138.2 per cent Fibonacci projection level of the downtrend from January 31, 2017 high to June 27, 2017 low
In the near term, stock has support at ₹127.95 and then at ₹121.25, identified as the 150 per cent and 161.8 per cent projection levels
The stock's wave pattern suggests that it is in the third wave of a five-wave downtrend
Trend intensity(TI) indicator rises two points to 16, suggests prices are trending downwards, MACD is negative and below its signal line
The stock was down 11 per cent this year as of last close, compared with the broader NSE index's 0.63 per cent fall in the same period
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.