Gallantt Ispat Limited (GALLANTT) Stock - Complete Technical Analysis - Dec 19, 2024

GALLANTT Stock: Pullback or Reversal

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.

Gallantt Ispat's current price of approximately 353 reflects a recent pullback from its high near 401. The RSI, at approximately 53, indicates neutral momentum. The Stochastic %K and Stochastic RSI are low, suggesting oversold conditions, which often precedes a short-term bounce. The MACD is positive, confirming the existing uptrend, although momentum appears to be weakening. The ADX, around 24, indicates a developing trend. From a trading perspective, key support levels are around the 20-day and 30-day EMAs near 351 and 348, respectively. The recent high near 401 acts as a key resistance level. A break below the support levels could signal a deeper correction. However, with the MACD still positive, the overall bias remains slightly bullish. Traders may consider waiting for a pullback towards the identified support levels before initiating long positions. The recent ATR has been volatile indicating higher risk.