Oil and Natural Gas
The view/analysis/observation negates if price breaks and forms new low going forward.
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This stock has been under pressure from last couple of months and has failed to bring cheers to investors portfolio.
I have done some analysis on longer term charts and will like to share the observation here.
The chart displayed below is the Monthly chart of ONGC.
The highlight portion denotes the days count from Low to High (Green) and other from high to low (Red).
The stock enjoyed bull run from Oct 2008 to June 2014, where stock formed the peak. This process continued for 69 bars.
Similarly, from June 2014 to March 2020 the time taken is somewhat equivalent to its previous upmove.
Stochastic has given positive crossover on monthly scale which hints some positive signal.
The view/analysis/observation negates if price breaks and forms new low going forward.
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| ONGC MONTHLY CHART (Click to enlarge) |
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