Wheels India Limited (WHEELS) Stock - Complete Technical Analysis - Sep 02, 2024

Wheels India Ltd (WHEELS) Stock Analysis: Key Support

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 the technical analysis of Wheels India Limited (WHEELS) stock. Currently trading at 814.25, the stock is positioned 11.01% below its 52-week high of 914.95, achieved on July 8, 2024, and 48.59% above its 52-week low of 548.00, also recorded on July 8, 2024.

Starting with support and resistance levels, the stock faces immediate support around 742.30, with additional support levels at 682.05 and 539.45, based on Classic Pivot points. On the upside, resistance is found at 884.90, with further resistance at 967.25 and 1109.85. Fibonacci Pivots indicate support at 736.52 and resistance at 912.78, while Woodie Pivots suggest support at 680.55 and resistance at 965.75.

The stock is exhibiting a Doji candlestick pattern today, indicating indecision in the market, with an open at 810.60, high at 827.10, low at 801.10, and a close at 814.25. The presence of a Spinning Top reinforces this indecision, highlighting uncertainty among traders.

In terms of moving averages, the stock's current price is below the short-term Simple Moving Averages (10-day at 830.95 and 20-day at 815.39) but above longer-term averages such as the 50-day (833.56) and the 100-day (740.14). The Exponential Moving Averages (10-day at 821.46 and 20-day at 823.10) are also above the current price, signaling a potential resistance zone.

The Average True Range (ATR) is currently 180.02, indicating a higher level of volatility in recent trading sessions. The Average Directional Index (ADX) at 16.33 suggests a weak trend, while the RSI at 47.84 and Stochastic %K at 25.65 point to a neutral to bearish momentum.

Technical indicators such as the MACD show a negative value, reflecting a bearish trend, and the Awesome Oscillator is also negative, further confirming a downward bias. The Commodity Channel Index (CCI) and Williams Percent Range also suggest weakening momentum.

The stock's Hull Moving Average is positioned at 800.21, and the Ichimoku Base Line is at 835.70, adding to the resistance levels. The current volume weighted moving average (VWMA) stands at 825.14, aligning closely with the Classic Pivot Point of 824.65.

Overall, Wheels India Limited is showing mixed signals with short-term resistance at current levels and support coming in at lower levels. Traders should watch for a breakout above resistance levels or a drop below support to gauge future price movements.