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Shares of Oil and Natural Gas Corp gained as much as 2.6 per cent to Rs 184.80, their highest since May 23. The stock broke above a resistance at Rs 182.3, the 50 per cent Fibonacci retracement level of the downtrend from January 25 high to June 28 low.
At about 10.30 am, the stock was quoting at Rs 184.70, up Rs 4.60 or 2.55 per cent on the BSE.
The stock’s wave pattern suggests that it is in the third wave of a five-wave uptrend; third wave is typically the longest in a five-wave uptrend.
The stock may test the next Fibonacci resistance at Rs 189.55.
Trend Intensity indicator rose to 18, suggesting prices were trending upwards. The MACD is also positive and above its signal line.
The stock is up 6 per cent in the past month as of Friday’s close, while the broader NSE index is down 3.7 per cent in the same period.
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