Union Bank of India (UNIONBANK) Stock - Complete Technical Analysis - Dec 23, 2024

Union Bank of India Stock Analysis: Support, Resistance & Technical Indicators (UNIONBANK) 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.

Union Bank of India (UNIONBANK) is trading at 116.78, down 32.30% from its 52-week high of 172.50. Despite this, the stock is 9.47% above its 52-week low of 106.68, indicating a potential for a bounce. The stock has been volatile, as seen in the recent price movement where the stock opened at 120.70 on Dec 20, hit a low of 116.10, and closed at 116.78, signaling a sharp drop. This could imply the presence of strong support at the 116-117 levels, but further drops below this support might be likely if the selling pressure intensifies. On Dec 19, the stock managed to recover from a low of 119.11 to close higher at 121.00, showing potential for short-term rebounds.

The technical indicators suggest neutral to slightly bearish signals. The RSI stands at 37.07, indicating oversold conditions that could lead to a price rebound. The MACD level of 0.91 hints at some bullish momentum, but the overall market remains cautious, reflected in the low ADX of 20.62, indicating a lack of strong trend momentum. The Stochastic RSI is at 0, signaling potential for a reversal from the oversold region.

In terms of moving averages, UNIONBANK is facing resistance at 120-123 levels, with the 10-day EMA at 123.71 and the 200-day EMA at 124.64. Support is expected around the 116-117 range, and a breach below this level could push the stock toward the next support zone at 113-115. Given the stock's volatility and sharp intraday movements, traders should monitor the support at 116-117 closely. A break below this zone could signal further downside, while a bounce could provide a buying opportunity for short-term traders.