ONGC – TrendLine Beakout on Monthly Chart
ENTRY: CMP (126.5) breakout was 121.2
Target1: 168
Target2: 234.4
Target1: 293.25
Stop Loss : 118.8 (Weekly Close). Deep SL 104.15
Will Update Trailing Stop loss whenever required.
Duration : 4-5 Years
Stock has broken Monthly Trend line which started from Sep 2014.
Also last week close was above 121.2 which was Previous Support on Monthly chart same should have acted as resistance which didn’t happened hence script is showing good strength.
Heavy Volume also seen last few month, signaling accumulation phase over or almost about to end in this script.
Fundamentally Co has good record of making consistence Profits for its share holders.
Cash Flow Statement has been consistently growing hence Co is able to give good Dividend over years.
Dividend yield is around 4%.
Debt to Equity 0.5 times (favourable)
Book Value 167 vs CMP 125 (Available at discount)
Disc. : Views Shared for Education Purpose only. Consult your Financial Advisor before taking any position.
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