IG Petrochemicals Limited (IGPL) Stock - Complete Technical Analysis - Sep 02, 2024

IG Petrochemicals Technical Analysis: Key Levels

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. IG Petrochemicals Limited (IGPL) is currently trading at 658.65, reflecting a 9.40% decline from its 52-week high of 727.0 and a 63.64% increase from its 52-week low of 402.5. The stock's technical indicators present a mixed picture. The Average Directional Index (ADX) indicates a strong trend with momentum but may signal potential volatility. The Relative Strength Index (RSI) stands at a neutral level, suggesting neither overbought nor oversold conditions. The Stochastic Oscillator reveals a moderate bullish trend, while the MACD indicates some positive momentum, though not overwhelmingly strong.

The Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) suggest key support and resistance levels. The EMA levels for 10, 20, 30, 50, 100, and 200 days are providing dynamic support and resistance zones, with recent prices near the 20-day EMA and 30-day SMA. The Classic Pivot point is at 660.95, with significant resistance around 740.35 and 806.4, and support levels at 594.9 and 515.5. The Camarilla Pivot points also highlight resistance at 687.63 and 700.97, and support at 660.97 and 647.63. The Fibonacci Pivot points place resistance at 716.51 and 750.84, with support at 605.39 and 571.06. The Woodie Pivot points suggest higher resistance at 757.07 and 814.76, and lower support at 611.62 and 523.86.

The Bearish Engulfing pattern observed in recent candles indicates potential short-term bearish momentum. The stock's ATR (Average True Range) shows heightened volatility, suggesting that traders should be cautious of larger price swings. Despite the current price hovering around these key levels, the overall trend and technical indicators indicate a cautious but potentially volatile environment for IGPL.