Ganesh Benzoplast Limited (GANESHBE) Stock - Complete Technical Analysis - Sep 02, 2024

Ganesh Benzoplast Technical Analysis: Key Support, Resistance

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 Ganesh Benzoplast Limited's technical analysis. The stock is currently trading at 164, showing a significant drop of 24% from its 52-week high of 217.05 and a 30% rise from its 52-week low of 126.95. In terms of support and resistance, the critical levels to watch are the Classic Pivot Point at 167.05, with resistance levels at R1 of 178.57 and R2 of 190.53, and support levels at S1 of 155.09 and S2 of 143.57. Other pivot points such as Camarilla, Fibonacci, and Woodie also suggest similar support and resistance ranges, reinforcing these levels.

Technical indicators are mixed. The RSI is near neutral at 50, indicating the stock is neither overbought nor oversold. The MACD shows a positive momentum, but it's worth noting that the level is close to zero, which could imply potential sideways movement. The ADX is relatively low at 11.57, suggesting a weak trend strength. The Stochastic Oscillator and Stochastic RSI indicate some bullishness, with values suggesting potential upward momentum if confirmed by further buying interest.

Moving averages present a mixed picture; the stock is trading slightly above its short-term EMAs but below its longer-term SMAs. This indicates a short-term uptrend but a longer-term consolidation phase. The Ichimoku Base Line, Hull Moving Average, and Volume Weighted Moving Average also point to resistance around the 167-170 range.

Overall, Ganesh Benzoplast Limited is in a consolidation phase with key levels of support and resistance that traders should monitor closely. The technical indicators provide a mixed but cautious outlook, with some signs of potential upward momentum if key resistance levels are overcome.