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Spacenet Enterprises India Limited (SPCENET) Stock - Complete Technical Analysis - Sep 02, 2024

Spacenet Enterprises (SPCENET) Stock Analysis: Bullish Hammer Pattern

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 delve into the technical analysis of Spacenet Enterprises India Limited (SPCENET). Currently, the stock is trading at 25.9, showing a strong resistance at 28.98 and a significant support level at 22.88. The recent Hammer pattern suggests a bullish reversal, as the stock closed slightly higher than its opening price after testing lower levels.

Support and Resistance Levels:

Support Levels: 22.88 (Classic Pivot S1), 20.04 (Classic Pivot S2), 15.45 (Woodie Pivot S3)

Resistance Levels: 28.98 (Exponential Moving Average 100), 29.98 (Classic Pivot R1), 34.24 (Classic Pivot R2)

Technical Indicators:

MACD: The MACD is currently negative, indicating bearish momentum, though it's worth noting if this changes to a positive crossover.

RSI: At 41.37, RSI suggests the stock is approaching the oversold zone, potentially signaling a buying opportunity.

ADX: With an ADX reading of 19.82, the trend strength is relatively weak, implying no strong directional trend.

Stochastic RSI: At 51.56, it's in a neutral zone, showing neither overbought nor oversold conditions.

CCI: The Commodity Channel Index is at -87.82, suggesting the stock is in an oversold condition.

Awesome Oscillator: The value of -1.62 reflects bearish momentum but could indicate a potential reversal if it starts to rise.

Moving Averages:

The stock is currently below its major moving averages, including the Exponential Moving Averages (10, 20, 30) and the Simple Moving Averages (50, 100, 200), which could indicate a bearish trend if it doesnt break above these levels soon.

Pivot Points:

Classic Pivot P: 27.14

Fibonacci Pivot R1: 29.85

Woodie Pivot R1: 29.65

Pattern Recognition:

The Hammer pattern is a bullish reversal signal, indicating a potential shift in trend direction.

In summary, while the stock shows bearish momentum with technical indicators like MACD and Awesome Oscillator, the presence of a Hammer pattern and RSI nearing oversold conditions suggest a possible turnaround. Traders should watch for a break above key resistance levels and monitor changes in momentum indicators for further signals.





 

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