Cantabil Retail India Limited (CANTABIL) Stock - Complete Technical Analysis - Aug 30, 2024

Is CANTABIL Ready for a Reversal Detailed Technical Analysis of Cantabil Retail

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.

Cantabil Retail India Limited (CANTABIL) has recently shown signs of weakness, with the stock currently trading significantly below its 52-week high, indicating a potential bearish trend. The stock is trading at -79.10% from its 52-week high of 1188.6 and is currently at 248.45. However, it is also 37.61% above its 52-week low of 180.55, suggesting that the stock might find support near these levels.

From a technical perspective, the ADX indicates a weak trend, while the RSI is approaching oversold territory, reflecting decreased buying momentum. The Stochastic indicators, including Stochastic %K and Stochastic RSI Fast, are extremely low, indicating that the stock may be oversold and could see a potential reversal if there is buying interest. MACD levels suggest bearish momentum, as the stock is trading below its major moving averages, including the EMA and SMA, which further points to potential downward pressure.

Support for CANTABIL is seen at levels near the Fibonacci S1 of 256.17 and the Woodie S1 of 253.47, which coincide with the EMA (200) and SMA (200), acting as strong support zones. If the stock breaks below these levels, further support can be found at the Classic Pivot S1 of 250.09. On the upside, resistance is seen around the Classic Pivot P at 279.8, with further resistance levels at the Classic Pivot R1 of 311.95. The stock would need to close above these levels to reverse the current bearish trend.

The Awesome Oscillator and Williams Percent Range both reflect negative momentum, confirming the bearish sentiment. Meanwhile, the Bull Bear Power and Ultimate Oscillator also indicate bearishness, suggesting traders should remain cautious. The Ichimoku Base Line at 270.34 aligns with a key resistance level, making this a critical point for the stock to overcome for any potential bullish reversal.

Overall, while the stock is currently in a bearish phase, traders should watch for potential support at the mentioned levels, which could prompt a short-term bounce. However, a sustained move above the resistance levels will be crucial for any significant upward momentum.