Castrol India Limited (CASTROLIND) Stock - Complete Technical Analysis - Sep 26, 2024

Castrol India Limited Technical Analysis: Key Levels and Market 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.

Lets take a closer look at the technical analysis for Castrol India Limited, currently trading at 245. Recent price action indicates the formation of a bearish pattern known as Three Black Crows, suggesting a potential continuation of the downtrend. The stock is currently trading approximately 13.84% below its 52-week high of 284.4, reached in August 2024, while also showing an impressive gain of about 85.08% from its 52-week low of 132.4 established in November 2023.

In terms of momentum indicators, the RSI is hovering below the neutral zone, reflecting bearish sentiment. The Stochastic and Williams Percent Range are indicating oversold conditions, which may suggest that the stock could experience a short-term bounce. However, the MACD has crossed below zero, indicating a potential weakening of bullish momentum.

Key support levels to watch include the recent low around 243.55, followed by significant support at the psychological level of 240. Conversely, resistance levels are seen near 251 and the crucial pivot point around 263. Monitoring the Average Directional Index suggests a trend with relatively weak momentum, indicating that traders should be cautious. Overall, traders might consider these levels for entry or exit strategies, while keeping an eye on market sentiment and potential news affecting Castrol India Limited.