ONGC - Technical Analysis with Chart Patterns & Indicators

Last Updated Time : 19 Sept 25, 2:16 pm

Technical Rating: 3.6

Here’s a detailed technical analysis of ONGC Ltd

📊 Trend Overview

Current Trend: Mildly bearish

Phase: Consolidating near support

Bias: Neutral to negative, with weakening momentum and lack of breakout confirmation

📈 Technical Indicators Analysis

🔹 Moving Averages

50 DMA: ₹237

200 DMA: ₹245

Current Price: ₹236

Price is below both DMAs → signals short-term and medium-term weakness

Flattening 50 DMA and declining 200 DMA → confirms loss of momentum

🔹 RSI (Relative Strength Index)

RSI: 49.6

Neutral zone → no overbought/oversold signal

Indicates indecision and lack of strong momentum

🔹 MACD (Moving Average Convergence Divergence)

MACD: -0.92

Negative MACD → confirms bearish divergence

No crossover → trend remains under pressure

🔹 Bollinger Bands

Price near middle band → consolidation zone

Bands narrowing → low volatility

No breakout or squeeze pattern visible

🔹 Volume Trends

Current Volume: 1.16 crore

1-Week Avg Volume: 79.7 lakh

Volume spike suggests speculative interest

Not backed by strong price action → lacks directional clarity

📌 Support & Resistance Levels

Level Price (₹) Commentary

Support 1 230 Minor support zone

Support 2 220 Previous swing low

Resistance 1 237 50 DMA, immediate ceiling

Resistance 2 245 200 DMA, intermediate resistance

Resistance 3 260 Trend reversal confirmation zone

🎯 Entry & Exit Zones

Optimal Entry Zone: ₹230–₹234 (on pullback near support)

Exit Zone / Profit Booking: ₹245–₹260 (resistance and breakout target)

🔍 Momentum Signals

Short-Term: Weak momentum, MACD and RSI confirm bearish pressure

Medium-Term: Consolidation likely to continue unless price reclaims ₹237 with volume

Volume: Elevated, but needs directional confirmation

🧭 Conclusion

ONGC is currently consolidating with mild bearish undertones. Technical indicators show indecision, and the price is hovering near key support levels. Traders may consider accumulating near ₹230 with a tight stop-loss, targeting ₹245–₹260 if volume confirms a breakout.

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