Cryptocurrency

Technical Analysis: Petronet LNG and ONGC

What is the outlook for Petronet LNG for the next two-three months? I am holding the stock and my average purchase price is ₹228. Can I exit at current levels?

Ashish

Petronet LNG (₹256.60): The outlook is bullish. Petronet LNG share price has been rising since December last year. This uptrend is intact. Moving Average cross overs on the chart also strengthens the bullish case. Immediate support is at ₹255. Below that, ₹240 and ₹230 are the next strong supports. As long as the stock stays above these supports, the outlook will continue to remain bullish.

If the current momentum continues, Petronet LNG share price can rise to ₹300-330 over the next three months. So, you can keep a stop-loss at ₹238 and hold the stock. Revise the stop-loss up to ₹254 as soon as the stock moves up to ₹275. Move the stop-loss further up to ₹280 when the price touches ₹305. Exit the stock at ₹315. The outlook will turn bearish only if the stock price declines below ₹230. But that looks less likely at the moment.

I hold shares of ONGC at the rate of ₹198.25. I am a long-term investor and I wish to hold it for one-two years. Please advise whether I should hold the stock or sell it. What is the outlook?

Kiruthika S

ONGC (₹234): The long-term outlook is very bullish. There is an inverted head and shoulder formed over a span of seven years. This is a bullish reversal pattern. The neckline resistance at ₹187 was broken in November last year. The target of this pattern is coming up at ₹340. If we consider a much longer timeframe of over three years, then there is more room on the upside. So, if you are a long-term investor, then you can consider the stock for more than two years that you have mentioned.

ONGC share price can target ₹450-470 over the next three-four years. Keep a stop-loss at ₹170 and hold the stock. Move the stop-loss up to ₹240 as soon as the stock moves up to ₹320. Move the stop-loss further up to ₹360 when the price touches ₹410. Exit the stock at ₹450.

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