Wednesday, December 14, 2011

ONGC Techncial chart | 15-Dec-2011

Below is the technical chart of ONGC Ltd, a bluechip company, listed on Indian stock exchange. I've used here Ichimoku Kinko Hyo indicator.








ONGC price is still trading below kumo. Chikou-Span (CS) line is also trading below kumo. Not even a single positive sign in this stock at this moment. On weekly time frame, the major resistance is at 270. Thereafter at 285 and 308. If you're a short term trader, buy above 270 and sell at 285. But if you're an investor, wait for its closing above 308. 

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