Steel Strips Wheels Limited (SSWL) Stock - Complete Technical Analysis - Sep 27, 2024

Steel Strips Wheels Stock Analysis: Key Levels to Watch ðŸšðŸˆ

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. Steel Strips Wheels Limited (SSWL) is currently trading at 211.50, positioned 29.26% below its 52-week high of 299.0, achieved in October 2023, while being 10.99% above its 52-week low of 190.55. The recent price action reveals a Spinning Top candlestick pattern, indicating market indecision, with an open of 212.77, high of 214.86, low of 209.4, and a close of 211.50.

From a technical perspective, the stock is below key moving averages, with the 10-day and 20-day EMAs at 214.48 and 217.24, respectively. The average directional index (ADX) stands at 21.3, suggesting a weak trend. The RSI indicates a bearish sentiment at 41.8, while the Stochastic readings suggest oversold conditions with %K at 28.34. MACD shows negative momentum, further affirming the bearish outlook.

Support is seen around the pivot level at 224.37, while resistance is identified around 242.74. Traders should closely monitor the stock's movement, particularly if it can break above the 20-day EMA. If the price approaches the support at 208.84, it could provide a buying opportunity for a rebound. Conversely, a close below this level could lead to further downside risk. Overall, cautious trading is advisable until clearer signals emerge from the technical indicators.