ONGC On Bull Run Over Announcement of Budget For Drilling Oil Wells

Shares of ONGC ltd today saw over 2% increase in value during today’s trading session and has been on bull run for last three trading sessions post company’s announcement to spend Rs 17,600 crore on drilling a record 535 wells in 2018-19. The company registered 6.3 per cent increase in natural gas production in 2017-18 and is on track to double the output by 2022 as per comment made by top company official.  RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 45 to 63 as the signal line continues to move in neutral region with a slight upward incline supportive of existing momentum for upward price growth.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 177.17 & 187.57 respectively.

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