Bharat Forge Limited (BHARATFORG) Stock - Complete Technical Analysis - Sep 17, 2024

Bharat Forge Stock Analysis: Key Levels & Indicators You Must Know

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. Let's dive into the technical analysis for Bharat Forge Limited (BHARATFORG). Currently trading at 1,596, this stock is experiencing a period of consolidation as it stands 11.55% below its 52-week high of 1,804.5, achieved on June 21, 2024. The stock is notably 59.24% above its 52-week low of 1,002.3, recorded on October 30, 2023.

Support and Resistance Levels:

Immediate support is at around 1,474.53, with secondary support levels at 1,362.07 and 1,101.27.

Key resistance is observed at 1,735.33, with further resistance at 1,883.67 and 2,144.47.

Technical Indicators:

MACD is currently showing a negative trend, indicating potential bearish momentum.

RSI is neutral at 50.34, suggesting that the stock is neither overbought nor oversold.

Stochastic %K is high at 72.24, signaling that the stock might be overbought in the short term.

Stochastic RSI is elevated at 81.98, reinforcing the potential overbought condition.

ADX is at 18.59, indicating a weak trend.

Awesome Oscillator is negative, reflecting a bearish sentiment.

Williams Percent Range at -32.14 also suggests that the stock may be overbought.

Moving Averages:

Exponential Moving Averages (EMAs) show mixed signals with shorter-term EMAs (10, 20, 30) slightly below the current price, while longer-term EMAs (50, 100, 200) are below.

Simple Moving Averages (SMAs) are also providing a mixed outlook, with short-term SMAs below the current price and long-term SMAs above.

Chart Patterns and Observations:

The Classic Pivot Point at 1,622.87 is a significant level to watch. The stock's recent performance is relatively close to this pivot point.

Volume Weighted Moving Average (VWMA) and Hull Moving Average (HMA) suggest support around the current trading price.

Average True Range (ATR) is high, indicating increased volatility, which traders should be cautious about.

In summary, Bharat Forge Limited is currently in a consolidative phase with mixed technical signals. Traders should watch for price action around key support and resistance levels, and be cautious of the overbought conditions signaled by several indicators. The high ATR suggests potential volatility, so keep an eye on price movements closely.