Symmetric Triangle in ONGC - 13th Jul 09

Above is the 5 min chart of ONGC, a Symmetric Triangle formed with declining volumes. If it gives breakout with good volumes it may reach up to 1023 levels.

Symmetric Triangle is formed near good support levels in 15 min charts, as indicated in the above chart.

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Update 7:03PM :

Above is the 5 min chart of ONGC. Today it opened above the resistance line of the Symmetric triangle almost at the target levels and broke down in to the gap. No trade was triggered.

ONGC and its Channel

ONGC has been moving in a channel since last 3 days. Today morning, it bursted out of the channel taking strength from positive global cues and hit the target just before the day close.