ONGC long term

ONGC has broken down below the long term wedge pattern. It should continue its downward movement below the wedge. In addition it also has a Head and Shoulders pattern which has already broken down. The volume has been climactic as well.

Bets off if it goes back inside the wedge and does a breakout above. It will turn very bullish in that case, but until that happens, I would stay away from the long side.

Disclaimer: Not a recommendation to buy or sell.