Bigbloc Construction Limited (BIGBLOC) Stock - Complete Technical Analysis - Sep 02, 2024

Bigbloc Construction Stock Analysis: Key Support, Resistance

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.

For Bigbloc Construction Limited (BIGBLOC), trading at 246.75, here's a comprehensive technical analysis. The stock is currently positioned 16.25% below its 52-week high of 294.64 and 70.06% above its 52-week low of 145.1.

Support and resistance levels are critical for trading decisions. Key support levels are around 226.82, based on Classic Pivot S1, and further support at 214.68 from Classic Pivot S2. Resistance levels include 261.02 from Classic Pivot R1 and 283.08 from Classic Pivot R2.

Looking at moving averages, the stock's short-term trend shows the price is slightly below the 10-day and 20-day exponential and simple moving averages. The 10-day EMA is at 245.16, and the 20-day EMA stands at 248.44. The stock is trading just below these levels, indicating a potential bearish trend in the short term. The 50-day EMA and SMA also suggest resistance, coming in at 249.42 and 253.32 respectively.

Technical indicators show mixed signals. The MACD is in negative territory, suggesting bearish momentum. The RSI is around 47.56, indicating that the stock is neither overbought nor oversold but may be approaching oversold territory. The ADX is low at 12.08, showing a weak trend strength, while the Stochastic %K is low at 17.7, indicating a potential oversold condition.

Chart patterns reveal a bearish shooting star, which may suggest a reversal. The pattern's high is 255.9 and its close is 246.75, reinforcing the current bearish sentiment.

Additional indicators like the Awesome Oscillator and Commodity Channel Index are also in negative ranges, confirming bearish momentum. The Ultimate Oscillator and Williams Percent Range suggest weak bullish momentum. ATR levels indicate moderate volatility, with recent values ranging around 25 to 35.

In summary, while Bigbloc Construction Limited shows strong fundamentals, the technical indicators suggest a bearish trend in the short term with key support levels to watch closely.