NGL Fine-Chem Limited (NGLFINE) Stock - Complete Technical Analysis - Sep 02, 2024

NGLFINE Stock Analysis: Is NGL Fine-Chem Heading for a Reversal Key Levels to Watch

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.

NGL Fine-Chem Limited (NGLFINE) is currently trading at 2164, showing a decline of 23.37% from its 52-week high of 2823.9, which was observed in April 2024. The stock is also 25.22% above its 52-week low of 1728.1, indicating some resilience.

The technical indicators suggest a bearish sentiment. The RSI is at 36.5, which indicates the stock is nearing oversold territory. Stochastic %K and Stochastic RSI are both very low, at 8.13 and 8.81 respectively, further confirming the bearish momentum. The MACD is negative, with the MACD level at -91.14, signaling downward pressure. Momentum is also negative, with a reading of -251.25, and the Awesome Oscillator at -282.76, both pointing to continued weakness in the near term.

The ADX at 20.16 indicates a weak trend, with the potential for further consolidation. The stock is trading below key EMAs and SMAs, with the 10-day EMA at 2241.25 and the 50-day EMA at 2390.74, showing that the stock is underperforming in the short to medium term. The Ichimoku Base Line at 2439.55 suggests a strong resistance level around this mark.

The stock is currently in a spinning top candlestick pattern, indicating indecision among traders. Additionally, the inside candle pattern observed on August 26th, with a parent range of 2294.95 to 2125.55, suggests that the stock has been consolidating within this range for the past 6 days. The ATR is at 73.45, showing relatively low volatility compared to its historical levels.

Key support levels to watch are around 1939.73 (Classic Pivot S1) and 1726.97 (Classic Pivot S2), while resistance levels are at 2338.32 (Classic Pivot P) and 2551.08 (Classic Pivot R1). A break below 1939.73 could signal further downside, whereas a move above 2338.32 could see the stock attempting to recover.

In summary, NGLFINE is currently facing significant bearish pressure, with indicators suggesting more downside in the near term. However, traders should watch for a possible reversal if the stock breaks above key resistance levels.