ONGC | Rectangle Range Breakout | Daily

🔥 Another strong breakout — this time from **ONGC** — confirming a **Rectangle Range Breakout** pattern.

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## 🛢️ **ONGC – Rectangle Range Breakout**

### 📍 **Pattern**:

* Consolidation in a **horizontal range** (Rectangle)
* Strong breakout above ₹252 with **massive volume spike**
* Target projected:
₹252 + ₹36.90 = **₹289**

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### 📈 **Technical Highlights**

* ✅ Price broke out with highest volume spike in months
* ✅ RSI breakout above descending trendline
* ✅ EMA 8/21/55/144 all in bullish alignment
* ✅ Price surged >2% on breakout day with U/D days turning positive (25/25)

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### 📊 **Volume & RSI Confirmation**

* RSI breaking the bearish trendline = momentum returning
* Volume bar way above average — **high conviction breakout**
* Clean breakout after multiple rejections around ₹252 = **strong resistance flip**

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### 🚀 **Trade Setup**

* **Entry**: ₹252–₹258 zone
* **Target**: ₹289
* **Stoploss**: ₹238 (or below range bottom for safe positioning)

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