Shares of ONGC ltd today saw over 1% gain in value as Videsh Limited, a wholly-owned subsidiary of the Company, has announced the approval of the development plan for Golfinho-Atum field in the Rovuma Area 1 Offshore Block in Mozambique. The scrip today reached an intra-day high of 181.70 in NSE & closed at 178.90 with 1.91% increase in value.
Bill william’s alligator indicator which is used to predict formation of new trend has formed awakening pattern in intra-day charts as the scrip opened with bull gap for the day and continued moving in upward direction. However the indicator still maintains bearish indications for the scrip across daily & weekly charts suggesting possibility for continued price growth during tomorrow’s trading session but slight range bound momentum in trading sessions to come in near future.
Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trends has formed also formed uptrend indications in intra-day charts while maintaining bearish indications across daily & weekly charts supportive of range bound performance in near future trading sessions.
RSI indicator which is used to measure momentum of stock based on speed of change in price regardless of direction of trend is currently in range of 34 to 55 with signal line maintaining a stable position well inside neutral zone also supports possibility for range bound performance as signal line has not inclines towards either oversold or overbought region. Expected support and resistance values for the stock are at 173.55 & 184.33 respectively.View Full Artcile With Comments