Butterfly Gandhimathi Appliances Limited (BUTTERFLY) Stock - Complete Technical Analysis - Sep 02, 2024

Butterfly Gandhimathi 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. Butterfly Gandhimathi Appliances Limited (BUTTERFLY) is currently trading at 972.95. The stock shows strong resistance around the 52-week high of 1308.4, and support at the 52-week low of 674.9. The Average Directional Index (ADX) at 34.74 indicates a strong trend, while the Relative Strength Index (RSI) of 69.54 suggests the stock is nearing overbought conditions. The Stochastic %K and Stochastic RSI are both in the positive territory, hinting at bullish momentum. The MACD level of 28.14 supports this positive trend, and the Commodity Channel Index (CCI) of 136.14 reinforces the strength of the current trend.

The Moving Averages reveal a mixed picture with the stock trading above the short-term Exponential Moving Averages (EMAs) but below the longer-term ones. The 10-day EMA is at 930.07, while the 200-day EMA stands at 915.09. The Simple Moving Averages (SMAs) align similarly, with the 10-day SMA at 921.61 and the 200-day SMA at 896.52. The Ichimoku Base Line at 926.0 and Volume Weighted Moving Average (VWMA) at 931.12 also suggest a slight bullish outlook.

In terms of pivot points, the Classic Pivot Point is at 938.85 with significant resistance at R1 (1062.65) and support at S1 (840.75). Camarilla pivots are tighter, with R1 at 984.89 and S1 at 944.21. Fibonacci pivots place the R1 at 1023.62 and S1 at 854.08. The Woodie Pivot provides similar support and resistance levels, with R1 at 1089.95 and S1 at 868.05.

The recent Spinning Top candlestick pattern indicates market indecision, as seen with the open at 979.0, high at 990.0, low at 964.0, and close at 972.95. The Average True Range (ATR) suggests significant volatility, with recent readings fluctuating around the 200 mark.

Overall, while the technical indicators suggest a strong trend with some bullish momentum, the stock's current price is still significantly below its 52-week high, providing potential for recovery. Traders should monitor support and resistance levels closely and consider the broader market trend when making trading decisions.