Jayant Manglik
Oil & Natural Gas Corporation has recently witnessed a breakdown from a distribution pattern on the weekly chart and currently trading below the support zone of multiple moving averages (100 and 200 EMA) of both daily and weekly charts.
The chart pattern is clearly pointing towards sharp fall ahead. Traders may use any bounce in the range of Rs 172-174 to create fresh shorts. It closed at Rs 171.10 on June 4, 2018.
Disclaimer: The author is President - Retail Sales at Religare Broking. The views and investment tips expressed by Religare Broking on moneycontrol.com are its own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
