ONGC hits near 3-yr low; chart suggests more downside

Reuters | Updated on February 14, 2019 Published on February 14, 2019

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

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Published on February 14, 2019
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