Wheels India Limited (WHEELS) Stock - Complete Technical Analysis - Sep 13, 2024

Wheels India Stock Analysis: Bearish Trends & Key Support/Resistance Levels September 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. Wheels India Limited (WHEELS) is currently trading at 800, which is about 12.62% below its 52-week high and 45.89% above its 52-week low. The technical indicators reveal a mixed picture. The RSI is near neutral, suggesting neither overbought nor oversold conditions. The MACD is negative, indicating a bearish trend, while the Stochastic indicators and Commodity Channel Index (CCI) also suggest weakness in momentum.

The Average Directional Index (ADX) is low, implying a weak trend, and the Awesome Oscillator is negative, reinforcing the bearish sentiment. On the chart, we see that the stock is trading just below key resistance levels. Support is likely to be around the 776 to 789 range, while resistance could be found near the 815 to 840 range. Traders should be cautious as the technical indicators are not strongly bullish and suggest a potential consolidation or correction near these levels.