ONGC- Is it ONGC or OUCH!!! (Will You Buy or Sell?) Elliott Wave

20th Feb 2025

Last time, ONGC traded at ₹241 on February 20, 2025, as shown in the snapshot. Today, February 28, 2025, the stock hit a low of ₹223. The big question—Is this a buying opportunity, or is more downside ahead?


Let’s break it down:

Double Divergence Unfolding

- The RSI image on the daily chart (shown above the price chart) indicates a potential reversal.
- Price is making lower lows, while RSI is making higher lows—a regular bullish divergence, signaling that the downtrend is losing strength.

Waiting for the Final Leg Downside ( Since 20th Feb 2025)

- Though the stock has dropped to ₹223 lows as of today ( 28th Feb 2025), we are possibly in the last phase of the correction before a reversal attempt.

Trendline Confluence – Price vs. RSI

- Price chart: The stock has touched a falling trendline three times (1st, 2nd, and 3rd touch points), which could act as dynamic support.
- RSI image: A rising trendline with three touch points suggests regular bullish divergence, strengthening the case for a potential bottom formation.

Andrew Cardwell’s RSI Magic

- According to Cardwell’s RSI principles, a rising RSI against a falling price often signals an upcoming reversal.

Final Thought

- If the RSI divergence holds, ONGC might be nearing a trend reversal, making this a potential buying opportunity.
- However, a break below ₹223 with increasing momentum could invalidate this setup, opening doors for further downside.

Would you buy at these levels, or are you waiting for more confirmation? Have a great weekend

Catch me with another exciting idea from WaveTalks- Market Whispers! Can You Hear Them?

ONGC - The Big Idea - Did You Check Them?

Regards,
Abhishek
WaveTalks