Gandhar Oil Refinery (India) Limited (GANDHAR) Stock - Complete Technical Analysis - Aug 30, 2024

Gandhar Oil Refinery Stock Analysis 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. In today's analysis of Gandhar Oil Refinery (India) Limited (GANDHAR), the stock is currently trading at 224, showing a strong position but with significant price movement potential.

Technical Indicators and Analysis:

MACD: The MACD is in a bullish phase, indicating positive momentum and possible upward price movement.

RSI: The RSI is in the bullish zone, suggesting the stock may continue to show strength.

ADX: The ADX is at a moderate level, indicating a trend is in place but not exceptionally strong.

Stochastic %K: The high value of the Stochastic %K shows strong momentum.

Stochastic RSI: The Stochastic RSI is extremely high, pointing towards overbought conditions.

Commodity Channel Index (CCI): The positive CCI indicates that the stock is trending strongly.

Awesome Oscillator: The oscillator is positive, reflecting bullish momentum.

Williams Percent Range (WPR): The WPR is in the bullish zone, reinforcing the idea of strength.

Bull Bear Power: Positive value here supports the bullish sentiment.

Ultimate Oscillator: The oscillator is in a moderate range, suggesting potential for further movement.

Moving Averages:

Exponential Moving Averages (EMA): The stock price is above the short-term EMAs (10, 20, 30), which supports a bullish trend. However, it's near the 100-day EMA.

Simple Moving Averages (SMA): The stock price is above the short-term SMAs (10, 20, 30), indicating bullish sentiment.

Hull Moving Average: The stock is above the Hull MA, indicating a strong bullish trend.

Pivot Points:

Classic Pivot Point: The current price is above the classic pivot point, indicating potential for upward movement.

Resistance Levels: Key resistance levels to watch are 227.43 (R1), 241.42 (R2), and 270.12 (R3).

Support Levels: Key support levels include 198.73 (S1), 184.02 (S2), and 155.32 (S3).

Chart Pattern:

Spinning Top: The spinning top pattern suggests indecision in the market, indicating potential for either a continuation of the current trend or a reversal.

Average True Range (ATR): The ATR values indicate that volatility has been moderate, with occasional spikes. This suggests the stock may experience notable price swings.

In conclusion, Gandhar Oil Refinery's stock shows overall bullish indicators but is approaching overbought conditions. Traders should keep an eye on the resistance levels and watch for any signs of trend reversal or consolidation.