STEEL EXCHANGE INDIA LIMITED (STEELXIND) Stock - Complete Technical Analysis - Sep 13, 2024

Steel Exchange India Limited (STEELXIND) Stock Analysis Key Levels & 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. Technical Analysis of Steel Exchange India Limited (STEELXIND)

Currently trading at 13.43, Steel Exchange India Limited is experiencing some indecision in the market, as evidenced by today's spinning top candlestick pattern with an open of 13.35, high of 13.8, low of 13.25, and close of 13.43.

Support and Resistance Levels: The stock's immediate support is around 12.79, while resistance is positioned near 14.98. Additional support and resistance levels can be observed from pivot points and various moving averages. The current price is close to the average price of multiple moving averages, suggesting a consolidation phase.

Moving Averages:

The stock's Exponential Moving Averages (EMA) for 10, 20, 30, 50, 100, and 200 days are relatively stable around 13.4 to 13.6. The Simple Moving Averages (SMA) follow a similar trend, reinforcing this consolidation.

The Ichimoku Base Line is at 13.71, showing slight bearishness as the price is below this level.

Technical Indicators:

MACD: The MACD level is slightly negative, suggesting a bearish trend.

RSI: At 47.91, RSI is neutral, indicating neither overbought nor oversold conditions.

Stochastic %K: At 14.53, it signals an oversold condition, suggesting a potential for a rebound.

ADX: The ADX of 18.3 is relatively low, indicating a weak trend.

Williams Percent Range: This is at -74.21, indicating the stock is in an oversold condition.

CCI: The Commodity Channel Index is negative, reflecting bearish sentiment.

Other Observations:

The Average True Range (ATR) suggests moderate volatility, with a recent ATR of around 15.6.

The Bull Bear Power is slightly positive, suggesting a weak bullish momentum.

In summary, STEELXIND is currently in a consolidation phase with mixed technical indicators. Traders should watch for a breakout above the resistance level of 14.98 or a breakdown below the support level of 12.79 for clearer directional signals.