Union Bank of India (UNIONBANK) Stock - Complete Technical Analysis - Sep 03, 2024

Union Bank of India Stock Analysis: Key Levels

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. For Union Bank of India (UNIONBANK), the stock is currently trading at 123. Technically, the stock shows a mixed signal with some important observations. The average directional index (ADX) at 26.44 indicates a strong trend, but the relative strength index (RSI) at 41.97 suggests that the stock is in a neutral zone, neither overbought nor oversold. The MACD, with a negative value, indicates bearish momentum, while the Stochastic RSI suggests a somewhat bullish short-term outlook.

Looking at moving averages, the stock is below its key moving averages, including the 50-day, 100-day, and 200-day EMAs and SMAs, signaling a bearish trend. The 10-day and 20-day EMAs and SMAs are very close to the current price, suggesting short-term resistance and support. The Ichimoku base line is at 126.88, which serves as a significant resistance level.

The current pivot levels indicate that support is around 113.2 and resistance around 132.99. The candle pattern for today is a Spinning Top, which represents indecision in the market. The average true range (ATR) indicates increased volatility, and the momentum indicator shows a bearish trend.

Overall, UNIONBANK's technical indicators suggest a cautious approach. Key resistance levels to watch are around 126.88 and 132.99, while support levels are near 113.2. Traders should monitor these levels closely for potential breakout or breakdown scenarios.