ONGC – Rectangle Breakout After Long Base 🛢️📈

🔹 Structure Breakdown After peaking near ₹340 in 2024, ONGC corrected sharply and then: Formed a broad base between ₹230–280 Multiple higher lows inside range Strong thrust in last 3–4 weeks into resistance Now price is testing the ₹278–282 supply zone. This is a textbook range breakout attempt after absorption. 🔹 Why This Setup Is Interesting Long consolidation after downtrend Selling pressure clearly faded below ₹240 Momentum improving into resistance Energy stocks tend to move in clusters This is a Stage 1 → Stage 2 transition attempt. 🔹 Measured Move Projection Range height ≈ ₹45–50 (₹230 to ₹280) Add breakout level (~₹280): ➡ Target Zone: ₹320–330 (~15–18% upside — matches your projection box) Above ₹330 → opens path toward ₹350 retest.