Pennar Industries Limited (PENIND) Stock - Complete Technical Analysis - Aug 30, 2024

Pennar Industries Technical Analysis: Support, Resistance

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.

Technical Analysis of Pennar Industries Limited (PENIND)

The stock of Pennar Industries Limited (PENIND) is currently trading at 178. Recent price action reveals the stock is showing indecision with today's candle forming a Spinning Top pattern, which suggests a period of uncertainty.

Support and Resistance Levels:

Support Levels: Based on various pivot calculations, key support levels are around 170.5 (Classic Pivot S1), 147.19 (Classic Pivot S2), and 107.07 (Classic Pivot S3). Additional support can be observed at 182.78 (Camarilla Pivot S3) and 171.98 (Fibonacci Pivot S1).

Resistance Levels: The stock faces resistance around 210.62 (Classic Pivot R1), 227.43 (Classic Pivot R2), and 267.55 (Classic Pivot R3). Other resistance points include 197.49 (Camarilla Pivot R1) and 214.26 (Woodie Pivot R1).

Moving Averages:

Exponential Moving Averages (EMA): The short-term EMAs are positioned above the long-term EMAs, suggesting a bullish trend. However, the current price is below the 10, 20, and 30-period EMAs, indicating a bearish short-term outlook.

Simple Moving Averages (SMA): The price is trading below the 10 and 20-period SMAs but above the 50 SMA, indicating mixed signals. The longer-term SMAs show a more pronounced bullish trend.

Technical Indicators:

MACD: The MACD line is above the signal line, suggesting bullish momentum.

RSI: The RSI is near the midpoint, indicating neither overbought nor oversold conditions.

ADX: The ADX value is low, suggesting a weak trend and potential consolidation.

Stochastic Oscillator: Both %K and Stochastic RSI are below the average, indicating potential for the stock to move higher or enter an oversold condition.

Other Indicators:

Average True Range (ATR): ATR is showing moderate volatility, which suggests that the stock may experience fluctuations but not extreme swings.

Ichimoku Cloud: The Ichimoku Base Line is above the current price, indicating resistance.

In summary, PENIND is showing mixed technical signals with both bullish and bearish indicators present. The price is currently trading below several key moving averages, and while technical indicators like MACD are positive, the ADX indicates a weak trend. Traders should watch for a breakout above the resistance levels or a drop below the support levels to gauge future movement.