Adani Green Energy Limited (ADANIGREEN) Stock - Complete Technical Analysis - Oct 04, 2024

Adani Green Stock Analysis: Is a Rebound Coming Key Support and Resistance 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. Adani Green Energy Limited (ADANIGREEN) is currently trading at 1,801, showing a significant 17.15% drop from its 52-week high of 2,174.1, while still maintaining a solid recovery of 120.86% above its 52-week low of 815.55. The stock has displayed high volatility recently, with a spinning top candlestick pattern observed, indicating market indecision. ADX is currently weak, suggesting a lack of strong directional momentum, while RSI shows that the stock is nearing oversold territory.

Momentum indicators like MACD and Stochastic RSI suggest bearish trends, with MACD showing weak upward momentum and the Stochastic RSI deeply oversold, which could signal an upcoming reversal. Awesome Oscillator and Williams %R reinforce this bearish sentiment, further showing the pressure on the downside.

The stock has also been consistently trading below its short-term moving averages, with current price levels below key support areas like the 10-day and 20-day EMAs. This shows short-term bearishness and potential for further correction. However, the 200-day EMA is acting as a strong support, currently near 1,740, indicating that if the price holds above this level, a rebound is possible.

Watch for key support around 1,740, which aligns with the 200-day EMA, and resistance near 1,900, where several moving averages converge. A break below the 1,740 level could lead to further downside, while sustained movement above 1,900 could signal a reversal in trend. Traders should closely monitor the Stochastic RSI and MACD for potential bullish crossover signals that could indicate a trend reversal.