Elgi Equipments Limited (ELGIEQUIP) Stock - Complete Technical Analysis - Sep 18, 2024

Elgi Equipments (ELGIEQUIP) Stock Analysis: Support, Resistance & Technical Signals

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.

Elgi Equipments Limited (ELGIEQUIP) is trading at 731.55, which is approximately 8.4% below its 52-week high and 56.7% above its 52-week low. The technical indicators suggest a bullish stance, with the RSI and Stochastic showing strong upward momentum. The MACD is also positive, signaling a potential continuation of the current uptrend.

Support levels are seen around 710 and 680, while resistance is likely at 740 and 760. The high ADX indicates a strong trend, suggesting that the stock could maintain its current direction. However, the Williams Percent Range is indicating overbought conditions, which might lead to a short-term pullback.

The inside candle pattern formed recently suggests consolidation within the range of 723 to 752. Traders should watch for any breakout from this range to determine the next major move. Given the current setup, the stock may test the higher resistance levels around 740 and 760, but caution is advised if the price approaches these levels as the overbought conditions could lead to a correction.