Bharat Wire Ropes Limited (BHARATWIRE) Stock - Complete Technical Analysis - Sep 13, 2024

"Top Technical Insights for Bharat Wire Ropes (BHARATWIRE) Support, Resistance & Key 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. Let's delve into the technical analysis for Bharat Wire Ropes Limited (BHARATWIRE). The stock is currently trading at 287.70, approximately 28.18% below its 52-week high of 400.6 and 28.64% above its 52-week low of 223.65.

Support and Resistance Levels:

Immediate Support: The stock is finding support around the 269.47 level, which is consistent with various pivot points.

Immediate Resistance: On the upside, key resistance is visible around the 315.28 mark.

Technical Indicators:

MACD: The MACD is indicating a positive momentum, showing that the short-term trend is stronger than the long-term trend.

RSI: With an RSI of 58.26, the stock is in a neutral to bullish zone, suggesting there is room for upward movement but also a potential for overbought conditions if the trend continues.

ADX: The ADX at 20.9 is showing that the stock is in a moderately trending phase, indicating a strengthening trend.

Stochastic RSI: At 13.35, the Stochastic RSI suggests that the stock might be in an oversold condition, potentially signaling a rebound soon.

CCI: The Commodity Channel Index at 49.9 is within a normal range, suggesting neither overbought nor oversold conditions.

Moving Averages:

The stock is trading above its short-term EMAs (10-day, 20-day) but below its longer-term EMAs (50-day, 100-day, 200-day), suggesting mixed short-term to long-term momentum.

The Simple Moving Averages (10-day and 20-day) also support this, with the stock above the shorter-term SMAs but below the longer-term SMAs.

Chart Patterns and Oscillators:

Awesome Oscillator: At 17.71, it indicates a bullish momentum in the market.

Williams Percent Range: At -43.0, it suggests that the stock is not in an extreme overbought condition.

Ultimate Oscillator: At 41.08, it's showing a balanced momentum, neither too bullish nor bearish.

Volatility:

Average True Range (ATR): The ATR is around 21.07, indicating moderate volatility. This is useful for setting appropriate stop-loss levels and understanding potential price swings.

Overall, Bharat Wire Ropes Limited's stock shows a mixed technical outlook with bullish short-term indicators and moderate long-term trends. Traders should keep an eye on the key support at 269.47 and resistance around 315.28 while considering the various indicators for potential trading signals.