Savita Oil Technologies Limited (SOTL) Stock - Complete Technical Analysis - Sep 27, 2024

Savita Oil Technologies Limited: Technical Analysis & Insights for Traders

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. Savita Oil Technologies Limited is currently trading at 558.60, which is 14.72% below its 52-week high of 655.00, reached on July 9, 2024. This stock shows resilience, being 78.47% above its 52-week low of 313.00 from October 9, 2023. Recent technical indicators suggest a bearish trend, with a Bearish Engulfing pattern observed. The MACD indicates a downward momentum, while the RSI is in the oversold territory, pointing towards a potential rebound if buying interest increases.

Support levels are identified around 540 and 574, while resistance is anticipated at 604 and 638. The average directional index (ADX) at 17.9 suggests a weak trend, further confirmed by a low momentum reading. Stochastic indicators also imply that the stock is approaching a potential reversal zone. However, caution is warranted given the overall bearish sentiment reflected in multiple indicators such as the Awesome Oscillator and Williams Percent Range.

Investors should monitor the stock closely around the key support levels, particularly the classic pivot support at 574.72, for potential buy signals. With the stock trading below key moving averages, traders might consider waiting for a confirmation of a trend reversal before entering new positions.