February 14, 2019 / 5:46 AM / a month ago

BUZZ-India's ONGC hits near 3-yr low; chart suggests more downside

** Shares of India’s top oil explorer Oil and Natural Gas Corp fall as much as 1.8 pct to 131 rupees, their lowest since March 3, 2016

** Stock breaks below a support at 134.65 rupees, the 138.2 pct Fibonacci projection level of the downtrend from Jan. 31, 2017 high to June 27, 2017 low tmsnrt.rs/2EbLbWr

** In the near term, stock has support at 127.95 rupees and then at 121.25 rupees, identified as the 150 and 161.8 pct projection levels

** Stock’s wave pattern suggests it is in the third wave of a five-wave downtrend

** Trend intensity(TI) indicator rises two points to 16, suggests prices are trending downwards, MACD is negative and below its signal line

** Stock down 11 pct this year as of last close, compared with the broader NSE index’s 0.63 pct fall in the same period (Reporting by Gaurav Dogra)

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