Swelect Energy Systems Limited (SWELECTES) Stock - Complete Technical Analysis - Sep 02, 2024

SWELECTES Stock Analysis: Is it Time to Buy Technical Insights

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 Swelect Energy Systems Limited (SWELECTES). Currently, the stock is trading at 995, which is approximately 33.35% below its 52-week high of 1492.75 and 105.70% above its 52-week low of 483.7.

Support and Resistance Levels:

Support Levels: The immediate support levels are around 986.96 (Camarilla S1), 953.64 (Fibonacci S1), and 892.67 (Classic S1). These levels indicate potential areas where the stock might find buying interest if it declines further.

Resistance Levels: Key resistance levels to watch are 1110.5 (Ichimoku Base Line), 1154.89 (Simple Moving Average 50), and 1187.67 (Classic R1). A breach above these levels could signal further upside potential.

Technical Indicators:

MACD: The MACD is currently in a negative zone, suggesting bearish momentum.

RSI: The RSI is at 39.65, indicating that the stock is nearing oversold territory, which could signal a potential reversal or bounce.

ADX: The ADX reading of 27.98 shows a strong trend but lacks direction, suggesting a possible trend reversal or consolidation.

Stochastic Indicators: The Stochastic %K is at 24.35, indicating that the stock is in the oversold region, and Stochastic RSI Fast is at 60.18, pointing to potential strength.

Moving Averages: The stock is trading below its key moving averages, including the 10-day EMA at 1006.79 and the 50-day SMA at 1154.89, which suggests a bearish trend in the short to medium term.

Pivot Points:

Classic Pivot Point: 1066.33

Fibonacci Pivot Point: 1066.33

Woodie Pivot Point: 1053.9

These pivot points provide important levels where price action might show significant support or resistance.

Chart Patterns and Observations:

Volume Weighted Moving Average: At 1040.26, it reflects a potential area of interest where price might consolidate.

Hull Moving Average: The current Hull MA at 1009.86 suggests a potential resistance level.

In summary, SWELECTES is trading below its major moving averages, indicating bearish sentiment. However, with the stock being close to oversold levels, a potential bounce or reversal could be on the horizon. Traders should monitor the key support and resistance levels and be cautious of the bearish signals from indicators like MACD and RSI.