Gandhar Oil Refinery (India) Limited (GANDHAR) Stock - Complete Technical Analysis - Sep 13, 2024

Gandhar Oil Refinery Stock Analysis: Key Support, Resistance & Technical Insights

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.

Let's dive into the technical analysis for Gandhar Oil Refinery (India) Limited (GANDHAR) stock, currently trading at 216.

Starting with key indicators, the Relative Strength Index (RSI) is at 49.64, suggesting the stock is neither overbought nor oversold but is in a neutral zone. The Average Directional Index (ADX) is high at 29.9, indicating a strong trend. However, the Stochastic %K and Stochastic RSI are low, pointing to potential oversold conditions.

The MACD is showing a positive level, which is a bullish signal, though it's crucial to watch its trend. The Awesome Oscillator is also positive, supporting the idea of upward momentum. The Commodity Channel Index (CCI) is negative, hinting at a possible correction. The Williams Percent Range is extremely low, confirming that the stock is in an oversold state.

Looking at moving averages, the stock is trading below most short-term and medium-term averages, such as the EMA and SMA. This positioning below the Exponential Moving Average (EMA) and Simple Moving Average (SMA) suggests a bearish trend in the short term. The Ichimoku Base Line and Volume Weighted Moving Average (VWMA) are also above the current price, reinforcing resistance levels.

The classic Doji and Spinning Top patterns from recent candles suggest market indecision. The stock's recent price action has been confined within a range, indicating potential consolidation before a breakout.

In terms of support and resistance, the stock is currently testing key support around the 215.98 mark. A breakdown below this level could see further support at lower levels, while resistance is seen near 219.45. The ATR (Average True Range) indicates volatility, with recent values showing increased fluctuation, adding to the uncertainty.

Overall, the stock is in a critical phase with mixed signals. Traders should watch for a breakout above resistance or a drop below support for clearer signals.