ONGC challenges 6-month high; has more room to rise
Shares of Oil and Natural Gas Corporation hit a 6-month high of Rs 170 on 24th April.
On the daily chart, the price has surpassed its major resistance and witnessed a flag pattern formation. The stock has seen significant higher volumes in the recent days, which may further strengthen the trend.
The support comes in around 130 to 135 range, which witnessed a buying strength earlier as well.
On the indicator front, the stock is well placed above its 21-days moving average and also price action on bullish note indicates stock is expected to continue the rally further once crossed above 171 level with high volume.
On the contrary, the stock might get corrected in the short term but keep the stock if the gap remains unfilled.