Walchandnagar Industries Limited (WALCHANNAG) Stock - Complete Technical Analysis - Sep 13, 2024

Walchandnagar Industries Stock Analysis: Bearish Signals & Key Support Levels

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.

Walchandnagar Industries Limited (WALCHANNAG) Technical Analysis

Currently, Walchandnagar Industries is trading at 325. The stock's recent performance shows that it is 26.02% below its 52-week high of 438.7 and 192.78% above its 52-week low of 110.85.

Support and Resistance Levels:

Support Levels: The primary support is around 302.17, with additional support levels at 264.73 and 159.03.

Resistance Levels: Immediate resistance is at 407.87, followed by levels at 476.13 and 581.83.

Technical Indicators:

MACD: The MACD is currently negative, indicating a bearish momentum.

RSI: The Relative Strength Index (RSI) is near 45, suggesting that the stock is neither overbought nor oversold but is leaning towards the oversold territory.

ADX: The Average Directional Index (ADX) is at 21.59, indicating a weak trend strength.

Stochastic %K and Stochastic RSI: Both are in the oversold zone, with Stochastic %K at 15.4 and Stochastic RSI Fast at 28.19.

Commodity Channel Index (CCI): The CCI is negative at -65.8, suggesting that the stock is in an oversold condition.

Awesome Oscillator: Currently at -44.13, indicating bearish momentum.

Williams Percent Range: The Williams %R is -68.8, indicating oversold conditions.

Bull Bear Power: The Bull Bear Power is -17.8, reflecting a bearish sentiment.

Moving Averages:

Short-Term: The 10-day EMA is at 322.62 and the 20-day EMA is at 333.06, both below the current price, signaling potential resistance.

Long-Term: The 50-day EMA is at 328.75 and the 100-day EMA is at 298.99, showing long-term support and resistance levels.

SMA: The 50-day SMA is at 349.57, providing resistance, while the 200-day SMA is at 244.2, offering long-term support.

Pivot Points:

Classic Pivot Point: The stock's Classic Pivot is at 370.43, with the nearest resistance and support levels around 407.87 and 302.17 respectively.

Chart Patterns and Observations: The stock is currently trading below its moving averages, indicating a bearish trend. The oversold conditions reflected by indicators like RSI, Stochastic %K, and Williams %R suggest potential for a rebound if the stock can stabilize and reverse its downward trend. However, the ADX value indicates that the current trend lacks strength, which could lead to volatility or consolidation before a clear direction is established.