Everest Kanto Cylinder Limited (EKC) Stock - Complete Technical Analysis - Sep 02, 2024

Everest Kanto Cylinder Stock Analysis Technical Indicators

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. Let's dive into a technical analysis of Everest Kanto Cylinder Limited (EKC). The stock is currently trading at 183.23, showing notable levels of support and resistance. Major support levels to watch are around 160.09, as per the Classic Pivot, and further support can be observed at 134.75 and 89.17 from Fibonacci and Woodie Pivots, respectively. On the resistance side, immediate resistance is seen at 205.67 according to the Classic Pivot, with further resistance around 225.91 and 271.49.

For trend indicators, the Average Directional Index (ADX) is at 30.5, suggesting a strong trend in play. The MACD is currently positive, indicating bullish momentum, while the RSI is at 58.61, which is neutral to slightly bullish. The Stochastic Oscillator is at 65.91, signaling that the stock may be in an overbought condition. The Awesome Oscillator also confirms bullish momentum.

Moving averages show the stock trading below its short-term and medium-term averages, with the 10-day EMA at 184.21 and the 50-day EMA at 164.08. The current price is below the 10-day SMA of 188.33 but above the 200-day SMA of 144.51. The Ichimoku Base Line at 177.79 further indicates a bullish trend, but caution is advised given the stock's proximity to the support and resistance levels.

Today's candlestick pattern is a Spinning Top, reflecting market indecision. This pattern, combined with a high ATR indicating increased volatility, suggests that traders should watch for a breakout or reversal around these key levels.

Overall, EKC appears to be in a strong uptrend, but caution is warranted due to the current resistance and potential volatility.