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Welspun Corp Limited (WELCORP) Stock - Complete Technical Analysis - Sep 19, 2024
Welspun Corp Stock Analysis: Key Support & Resistance Levels Technical Insights for 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.
Welspun Corp Limited (WELCORP) Technical Analysis:
As of now, Welspun Corp is trading at 664, which is approximately 11.5% below its 52-week high of 750 reached on August 27, 2024. On the other hand, it is about 76.4% above its 52-week low of 376.15 from October 9, 2023.
Support and Resistance Levels:
Immediate Support is around 622.67 (Classic Pivot S1) and 536.93 (Classic Pivot S2). If the price falls below these levels, it could indicate further downside risk.
Immediate Resistance is at 686.33 (Classic Pivot P) and 772.07 (Classic Pivot R1). A breakout above these levels might signal a bullish trend.
Technical Indicators:
MACD shows a neutral stance, suggesting the market is in a consolidation phase.
RSI is in the lower range, indicating that the stock might be approaching oversold conditions.
Stochastic %K and Stochastic RSI are both low, reflecting potential oversold conditions which could lead to a rebound.
ADX is low, suggesting that the current trend might be weak or non-trending.
Commodity Channel Index (CCI) and Williams Percent Range are in the negative, further supporting the oversold condition.
Average True Range (ATR) is relatively high, indicating increased volatility.
Moving Averages:
Short-Term EMAs (10, 20) are above the current price, suggesting that the stock is below recent average price levels.
Long-Term SMAs (200) are below the current price, indicating a long-term uptrend but potential short-term weakness.
Chart Patterns:
Ichimoku Base Line and Volume Weighted Moving Average suggest that the stock is currently below key moving averages, indicating possible resistance at higher levels.
In summary, Welspun Corp is experiencing a phase of consolidation with some oversold indicators. The stock faces immediate resistance around 686.33 and higher at 772.07. Support is seen around 622.67. Traders should watch for potential rebounds from the oversold conditions but remain cautious of resistance levels.
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