Swing Trade Outlook – ONGC (Updated View)
📌 Key Levels and Observations
🔲 Major Resistance Zone:
The green zone (~₹252–₹258) has been a critical resistance area since October 2023.
Price has tested this zone multiple times but failed to close above it decisively—forming a long-term horizontal resistance.
🟢 Support Levels:
Near-term: ₹246 (support from PEMA cloud and prior reaction zone)
Stronger support: ₹240–₹232 zone (previous higher lows and EMA base)
🕯️ Candle Behavior:
The latest candles show rejection near resistance with a long upper wick, indicating supply pressure at highs.
Volumes are not spiking on this attempt—no strong breakout confirmation yet.
🎯 Trading Conclusion
Trader Type Action
Crude Oil Swing Trader Look for breakout above $78; trade long with tight SL
ONGC Investor Wait for ₹258 breakout; use dips toward ₹245 for positioning
📌 Key Levels and Observations
🔲 Major Resistance Zone:
The green zone (~₹252–₹258) has been a critical resistance area since October 2023.
Price has tested this zone multiple times but failed to close above it decisively—forming a long-term horizontal resistance.
🟢 Support Levels:
Near-term: ₹246 (support from PEMA cloud and prior reaction zone)
Stronger support: ₹240–₹232 zone (previous higher lows and EMA base)
🕯️ Candle Behavior:
The latest candles show rejection near resistance with a long upper wick, indicating supply pressure at highs.
Volumes are not spiking on this attempt—no strong breakout confirmation yet.
🎯 Trading Conclusion
Trader Type Action
Crude Oil Swing Trader Look for breakout above $78; trade long with tight SL
ONGC Investor Wait for ₹258 breakout; use dips toward ₹245 for positioning
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.