Gujarat Gas Limited (GUJGASLTD) Stock - Complete Technical Analysis - Sep 17, 2024

Gujarat Gas Limited (GUJGASLTD) Technical Analysis Key Support & Resistance Levels Explained

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.

Gujarat Gas Limited (GUJGASLTD) Technical Analysis

Currently trading at approximately 624, Gujarat Gas Limited is showing a mixed technical outlook. The stock is trading 9.57% below its 52-week high of 689.95 and 57.15% above its 52-week low of 397.05.

Support and Resistance Levels:

Support Levels: Key support is observed at the classic pivot S1 around 566.38. Further support can be anticipated near the Fibonacci pivot S1 at 586.84.

Resistance Levels: Immediate resistance is likely near the classic pivot R1 at 665.13. Additional resistance may be seen at the Fibonacci pivot R1 around 662.29.

Technical Indicators:

MACD: The MACD level is currently positive, suggesting bullish momentum but may need closer monitoring for any signs of reversal.

RSI: With an RSI of 45.79, the stock is in the neutral zone, indicating neither overbought nor oversold conditions.

ADX: The ADX at 19.69 shows a relatively weak trend strength, suggesting that the current trend might not be strong.

Stochastic %K: At 34.37, the Stochastic %K indicates that the stock is closer to oversold territory.

Stochastic RSI: The Stochastic RSI at 16.53 supports the notion of a possible oversold condition.

MACD Histogram: Positive, which can be a sign of growing bullish momentum.

Awesome Oscillator: With a reading of 7.88, it supports bullish sentiment in the short term.

Moving Averages:

Exponential Moving Averages (EMAs): The stock is trading below short-term EMAs (10, 20, 30, 50) but above longer-term EMAs (100, 200), indicating short-term bearishness while still maintaining long-term bullishness.

Simple Moving Averages (SMAs): The stock price is below the short-term SMAs (10, 20) but above medium and long-term SMAs, showing mixed signals.

Chart Patterns:

The stock is currently testing the classic pivot point which is a significant level. Watch for a break below the support levels or above the resistance levels for further direction.

Conclusion: Gujarat Gas Limited exhibits mixed signals with support at lower levels and resistance at higher levels. The technical indicators suggest a cautious approach with a potential for bullish movements if key resistance levels are breached. Traders should keep an eye on the price action around the support and resistance levels, and monitor the ADX and RSI for further signs of trend strength and potential reversals.