Hindustan Petroleum Corporation Limited (HINDPETRO) Stock - Complete Technical Analysis - Sep 17, 2024

Hindustan Petroleum (HINDPETRO) Technical Analysis: 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.

Technical Analysis of Hindustan Petroleum Corporation Limited (HINDPETRO)

Hindustan Petroleum Corporation Limited (HINDPETRO) is currently trading at 409, presenting an intriguing technical setup for traders. Here's a detailed analysis based on various indicators and chart patterns:

Support and Resistance Levels:

Immediate Support: 380.25

Immediate Resistance: 441.55

Technical Indicators:

RSI: At 50.58, RSI indicates a balanced momentum, suggesting the stock is neither overbought nor oversold.

MACD: The MACD level is positive, suggesting a bullish trend; however, watch for potential divergence.

ADX: The ADX at 30.89 indicates a strong trend. The stock could be trending, and traders should be cautious about trend reversals.

Stochastic %K: At 16.11, the stock is in the oversold zone, potentially signaling a reversal or consolidation.

Stochastic RSI: At 0.78, this indicates that the stock is deeply oversold, which could imply a potential bounce.

Commodity Channel Index (CCI): At -56.34, the stock is in the oversold territory, suggesting potential for price correction.

Williams Percent Range: At -88.57, this indicates the stock is in the oversold range, aligning with a potential rebound.

Moving Averages:

Short-Term Averages: The stock is trading below the 10-day and 20-day exponential moving averages (EMAs), suggesting a bearish short-term trend.

Long-Term Averages: The stock remains well above the 200-day EMA, indicating a strong long-term uptrend. The current price is closer to the 50-day EMA, showing a critical juncture for potential trend changes.

Chart Patterns:

Spinning Top: Today's candle is a Spinning Top, reflecting indecision in the market. This pattern suggests that traders should wait for a confirmation signal before making trading decisions.

Inside Candle Pattern: On 16-Sep-2024, an inside candle pattern formed, with the stock trading within this range for two days. This pattern typically signifies consolidation or potential reversal.

Pivot Points:

Classic Pivot Point: 402.75

Woodie Pivot Point: 409.80

Volatility:

The Average True Range (ATR) suggests increased volatility with recent values up to 50.40, indicating potential large price swings.

In summary, HINDPETRO is currently at a critical level, with various technical indicators suggesting a mixed outlook. The stock is trading below several key short-term moving averages but remains above its long-term average, indicating potential support at lower levels. The indecision indicated by the Spinning Top and inside candle patterns means that traders should watch for confirmation signals before making significant moves.