Jamna Auto Industries Limited (JAMNAAUTO) Stock - Complete Technical Analysis - Sep 27, 2024

Jamna Auto Industries Technical Analysis: Key Support & Resistance Levels Revealed

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. Today, let's dive into the technical analysis of Jamna Auto Industries Limited, trading at 121.14. Currently, the stock shows a mixed picture on several indicators. The MACD is indicating a bearish trend, as the MACD level is negative. However, the RSI is at 42.77, suggesting that the stock is approaching oversold territory but still has room for further decline before it gets there. The Stochastic %K is low at 17.87, also indicating a potential reversal might be on the horizon.

We see a spinning top candlestick pattern, which signifies indecision among traders. This, coupled with an inside candle pattern from September 26th, reinforces the notion of uncertainty in the current price action. The Average Directional Index (ADX) is low at 13.93, indicating a weak trend in price movement.

Looking at the support and resistance levels, the stock has established key support around 117.02, with major resistance at 132.71. Traders should watch for a breakout above resistance or a breakdown below support for potential entry or exit points.

With a significant 19.06% drop from its 52-week high of 149.66, and an 18.36% rise from the 52-week low of 102.35, the stock has room to maneuver. The ATR suggests a relatively stable price action, which is good for investors looking for consistent movement. Overall, Jamna Auto's technical indicators suggest caution, with potential for reversal but requiring close monitoring for any significant changes.