🤖 Peak-and-Trough Structure: Under classic Dow Theory, a primary uptrend requires higher highs and higher lows, while a primary downtrend forms lower highs and lower lows. ONGC is currently undergoing a secondary correction/consolidation phase, testing key demand floors near ₹230 while meeting resistance around ₹258.

🤖 Volume Confirmation: Dow Theory dictates that volume must confirm the primary trend. Upward price swings on expanding delivery volume indicate institutional buying, whereas low-volume rallies suggest weak momentum.

🤖 • Sector & Index Confirmation: Individual stock trends should be cross-verified against benchmark indices (Nifty 50) and the Nifty Oil & Gas Index. A sustained move in ONGC is strongest when accompanied by broad sector participation.

🤖 Range Traders: Look for bullish reversal candlestick patterns (e.g., Hammer or Bullish Engulfing) near the ₹230 support zone with an RSI oversold confirmation (<30).

🤖 Breakout Traders: Wait for a classic Dow Theory breakout—a daily close above ₹258 backed by above-average volume—before entering fresh long positions targeting higher resistance zones.

🤖 Risk Management: Maintain strict stop-loss orders below key support levels (e.g., below ₹225) to protect against unexpected downturns in international crude oil prices.