Decoding Reversals: Technical Analysis of ONGC: Educational post

EDUCATIONAL POST

Technical Analysis of ONGC Stock

This post is for educational purposes only and should not be considered as investment advice.
In this post, we'll analyze the ONGC stock chart using technical indicators.

Key Points:

1. Bullish Divergence: Price and MACD are diverging, indicating a potential reversal.

2. Bullish Divergence: Price and RSI are also diverging, supporting the reversal idea.

3. Resistance Breakout: The stock has broken through a key resistance level with strong volume.

4. MACD Turns Positive: MACD has turned positive after the breakout, confirming the reversal.

5. Elliott Wave Counts: Wave counts suggest a potential reversal.

What to Expect:

Based on these indicators, we can see a potential reversal in ONGC's stock price. It may retrace to Fibonacci levels (50-61.8%) before continuing upward.

Conclusion:

This post is meant to illustrate how technical indicators can be used to analyze a stock chart. Please do your own research and consult with a financial advisor before making any investment decisions.

I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

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If you treat like a hobby, hobbies don't pay, they cost you...!

Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.