ONGC Elliott Wave Analysis

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 ONGC daily chart

ONGC hourly chart

In the above daily chart, prices are moving in a falling channel, where it is near the support of the channel and opens the possibility to bounce from current levels. However, as far as there is no discontinuation of lower highs and lower lows, prices will continue to be in a negative trend. Daily RSI is out from oversold region.

In the hourly chart, there is a bullish trend line break which is a positive sign for prices to show some strength. At present it is above this falling trend line and can move up from here to its immediate resistance of a small channel which is drawn coming near to 76 levels. RSI has relieved from overbought terrain and can move up from here.

From Waves perspective, after completing wave c in an impulse fashion, prices completed wave i and wave ii of bigger wave c and is now open to wave iii which can go till 100-161.8% of wave i to wave ii which comes to 76 followed by 81.

The summation is, the bias continues to be positive for ONGC as the stock can soar till 76 followed by 81, with support at 66.70 over near to medium term.

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