Wendt (India) Limited (WENDT) Stock - Complete Technical Analysis - Dec 23, 2024

Wendt (India) Limited Stock Analysis: Support, Resistance & Trend Insights December 2024

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. Wendt (India) Limited's stock price has shown a recent decline from its 52-week high, which could be of concern for short-term traders. Currently at 16,312, the stock is 9.54% below its 52-week high of 18,033.65. On December 20, the stock formed a Bearish Engulfing pattern, signaling potential weakness. Additionally, an Evening Star pattern has appeared, reinforcing the bearish outlook for the near term. These patterns suggest that the price could struggle to stay above the support levels.

When we consider support and resistance, 16,180 is an immediate support level, and if this is broken, the next support levels could be at 15,000. Resistance is currently near 17,000. If the stock manages to break above this level, it could move higher toward the 17,500 mark.

Momentum indicators like the ADX, RSI, and MACD are suggesting mixed signals. The ADX above 30 indicates a strong trend but does not confirm its direction, while the RSI is neutral, showing neither overbought nor oversold conditions. MACD remains in positive territory, but recent price action suggests weakening momentum.

With the short-term moving averages above longer-term ones, the trend remains bullish, but price action near critical support levels suggests caution for traders. If the price breaks below support, traders might want to prepare for a further downturn.