Confidence Petroleum India Limited (CONFIPET) Stock - Complete Technical Analysis - Sep 12, 2024

Confidence Petroleum Stock Analysis Key Support & Resistance Levels and Technical Indicators

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. Confidence Petroleum India Limited is currently trading at 87.8, below its 52-week high of 120. The stock is displaying a range of technical signals that suggest caution. The RSI is near the neutral zone, indicating a balance between buying and selling pressure. The MACD is showing positive momentum, though it is weak, suggesting that the recent upward trend may lack strength.

Support is observed around the 85 level, with additional support at 82. Resistance might be encountered near the 90 to 95 range, where the stock has previously faced selling pressure. The presence of a Doji and Spinning Top candlestick patterns indicates market indecision, and this, combined with the inside candle pattern observed recently, suggests that the stock may be consolidating within its current range. Traders should watch for a breakout or breakdown from this consolidation range to gauge the next move in the stock price.