Techno Electric & Engineering Company Limited (TECHNOE) Stock - Complete Technical Analysis - Sep 20, 2024

Techno Electric & Engineering Technical Analysis: Will it Bounce Back

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. Today, well analyze Techno Electric & Engineering Company Limited, currently trading at 1,559. The stock shows some concerning technical indicators. The RSI is in the oversold region, indicating potential for upward correction, but the MACD is negative, suggesting bearish momentum. The ADX is low, indicating a weak trend, which is consistent with the spinning top and doji patterns observed, signaling market indecision.

Key support levels are at 1,524 and 1,413, while resistance levels are at 1,660 and 1,771. The stock is significantly above its 52-week low but remains 15.48% below its high. With a dividend yield of 0.45% and solid ROCE and ROE figures, the fundamentals look decent. However, technical indicators suggest caution. Traders should monitor price action closely, looking for bullish confirmation before considering entry points.