DLF Limited (DLF) Stock - Complete Technical Analysis - Sep 03, 2024

DLF Limited Technical Analysis: Key Support

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 dive into the technical analysis of DLF Limited (DLF).

Currently trading at 848, DLF shows a mixed technical picture. The stock is trading near its Exponential Moving Averages (EMAs) for various periods, with the 10-day EMA at 845.64 and the 200-day EMA at 787.46. This indicates a strong uptrend as the price is above most of the long-term moving averages, but it's important to note that it is slightly below some of the shorter-term averages.

Support levels are significant around the 843 to 844 range, where we see the 20-day EMA and Volume Weighted Moving Average converging. The stock has also found support near the classic pivot level of 848.83. Should the price break below this level, watch for further support at the 796.67 mark, which aligns with the Classic Pivot S1.

On the resistance side, the key levels to watch are around 897.27 and 949.43. These levels align with the Classic Pivot R1 and R2, indicating potential barriers if the stock moves upwards. Additionally, the Ichimoku Base Line at 850.7 serves as a short-term resistance level.

In terms of technical indicators:

The MACD is positive, suggesting bullish momentum.

The RSI is at a neutral level, indicating neither overbought nor oversold conditions.

The ADX is low, which means there is currently no strong trend direction.

Chart patterns and other observations:

The stock's Awesome Oscillator is slightly negative, which could signal a potential consolidation phase or minor bearish pressure.

The Williams Percent Range and Stochastic indicators are both indicating a neutral to slightly bullish sentiment.

The Average True Range (ATR) suggests moderate volatility, with recent values trending around 70 to 80.

In summary, DLF is showing strong support near current levels, with potential resistance ahead. Traders should monitor the support and resistance zones closely and watch for any significant movements in the MACD and RSI for further trading signals.