Hitachi Energy India Limited (POWERINDIA) Stock - Complete Technical Analysis - Sep 18, 2024

Hitachi Energy India Stock Analysis: Key Levels and Indicators for September 2024

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.

Hitachi Energy India Limited (POWERINDIA) Technical Analysis

Currently trading at 12,927, Hitachi Energy India Limited is showing a complex technical picture. The stock is 10.12% below its 52-week high of 14,382, reflecting a recent pullback from its peak. Conversely, it is up 231.82% from its 52-week low of 3,895, indicating significant growth over the past year.

Support and Resistance Levels:

Immediate Resistance: The stock faces resistance near 13,533, the high of the recent Inside Candle pattern formed on September 17, 2024. If this resistance is breached, the next notable resistance levels are aligned with the Classic Pivot R1 at 12,910 and the Camarilla R2 at 12,437.

Immediate Support: Support is positioned at 12,800, the low of the Inside Candle pattern. Additional support can be found near the Classic Pivot S1 at 11,042, and the Camarilla S2 at 11,752.

Technical Indicators:

MACD: The MACD is indicating bullish momentum with its current level showing strength.

RSI: The RSI is around the neutral zone, suggesting that the stock is neither overbought nor oversold, but leaning towards the higher end, indicating potential strength.

ADX: The ADX is relatively low, suggesting a weaker trend strength, which could indicate a period of consolidation or a lack of a strong directional move.

Stochastic Indicators: The Stochastic %K and Stochastic RSI are high, signaling that the stock might be in an overbought condition, which could imply a potential pullback or consolidation in the near term.

Moving Averages: The stock is currently trading above its 10-day and 20-day Exponential Moving Averages (EMA), signaling a short-term bullish trend. However, it is below the 50-day EMA, suggesting possible medium-term resistance.

Chart Patterns: The recent Inside Candle pattern indicates a period of indecision, with the stock trading within a tight range, which could lead to either a breakout or a breakdown depending on market sentiment and external factors.

Overall, traders should watch for a potential breakout above the recent high or a pullback towards support levels. Monitoring these key technical indicators will be crucial in deciding the next steps.