Jamna Auto Industries Limited (JAMNAAUTO) Stock - Complete Technical Analysis - Dec 19, 2024

JAMNAAUTO: Downtrend - Avoid Buying

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Jamna Auto's current price of approximately 99 indicates bearish momentum. The RSI is below 50, confirming this. The Stochastic %K and Stochastic RSI are very low, suggesting oversold conditions. The MACD is negative, reinforcing the downtrend. The ADX is above 25, indicating a strengthening downtrend. From a trading perspective, the price is below key moving averages, including the 20, 50, 100 and 200 day EMAs, which now act as resistance. Key support can be found around the recent low near 96. Given the bearish momentum, oversold conditions, and the price trading below key moving averages, traders should be cautious. Short positions could be considered on rallies towards resistance near 102, but with caution due to the oversold conditions. Long positions should be avoided until a clear reversal signal emerges, such as a break above the moving averages and a confirming bullish candlestick pattern. Recent ATR indicates increased volatility.