Triveni Turbine Limited (TRITURBINE) Stock - Complete Technical Analysis - Sep 27, 2024

Triveni Turbine Technical Analysis: Bearish Signals & Key Support 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.

Let's dive into the technical analysis of Triveni Turbine Limited, currently trading at 701, a significant 17.23% below its 52-week high of 843.95, reached on August 14, 2024, and 123.89% above its 52-week low of 312.0, observed on October 26, 2023. The stock is showing some bearish signals based on the current technical indicators.

Starting with momentum indicators, the MACD is indicating a bearish trend, while the RSI is hovering around the 40 mark, suggesting the stock is nearing oversold conditions. The Stochastic is extremely low, pointing towards a strong selling pressure. Additionally, the Awesome Oscillator is in negative territory, further confirming the bearish outlook.

From a price action perspective, the stock is below various moving averages, including the Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs), indicating a potential downtrend. The 10-day EMA is at 726.35, while the 200-day EMA is significantly lower at 584.31. This divergence suggests that if the price fails to reclaim these averages, it may continue its downward trajectory.

In terms of support and resistance levels, immediate support can be identified around 695.99, with stronger support at 671.83. Resistance levels are currently at 714.83, indicating a potential hurdle for the stock to overcome in the near term. The Average True Range suggests moderate volatility, so traders should watch for price movements around these key levels.

Finally, the Average Directional Index shows a trend strength around 24.58, indicating a weak trend, but if it begins to rise, it could signal a potential reversal. Overall, traders should exercise caution and watch for potential rebounds at support levels, while keeping an eye on broader market conditions that may influence this stock.