General Insurance Corporation of India (GICRE) Stock - Complete Technical Analysis - Sep 17, 2024

General Insurance Corporation of India (GICRE) Stock Analysis Key Support, Resistance & Indicator

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.

General Insurance Corporation of India (GICRE) stock is currently trading at 394. The technical indicators provide a mixed outlook.

The stock is trading 15.77% below its 52-week high of 467.8, achieved on February 8, 2024, and 85.74% above its 52-week low of 212.15, recorded on October 5, 2023. This shows strong recovery from the lows but a significant distance from recent highs.

Support and Resistance Levels:

Immediate Support: Around 374.37 (Classic Pivot S1) and 396.24 (Camarilla S1).

Immediate Resistance: Around 408.43 (Classic Pivot P) and 421.36 (Camarilla R2).

Technical Indicators:

MACD: Currently negative, indicating potential bearish momentum.

RSI: At 47.65, suggests the stock is in a neutral zone, neither overbought nor oversold.

ADX: At 15.41, reflects a weak trend strength.

Stochastic %K: At 26.63, points to a potential oversold condition.

Commodity Channel Index (CCI): At -70.89, indicates the stock might be in an oversold condition.

Williams %R: At -73.61, further confirms an oversold scenario.

Moving Averages:

Short-term: The stock price is below most short-term moving averages (10, 20, 30, and 50-day), which may suggest short-term bearish pressure.

Long-term: Above longer-term moving averages (100 and 200-day), indicating a longer-term uptrend.

Chart Patterns:

The stock recently formed an inside candle pattern, which could signal a potential for consolidation or a reversal. The range of this pattern has seen the stock trading within 407.9 (parent high) and 382.1 (parent low) over the past week.

In summary, while GICRE is showing signs of a longer-term uptrend supported by above-average moving averages, the current technical indicators suggest cautious trading with potential short-term bearish pressure. Traders should watch key support and resistance levels closely for potential breakout or reversal signals.