Adani Total Gas Limited (ATGL) Stock - Complete Technical Analysis - Sep 03, 2024

Adani Total Gas Ltd Stock 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. Adani Total Gas Limited (ATGL) is currently trading at 851. The stock shows a cautious market sentiment, with a Spinning Top candlestick pattern, indicating indecision among traders. The Relative Strength Index (RSI) is at 44.82, suggesting the stock is in a neutral zone, neither oversold nor overbought. The MACD shows a bearish crossover, with the level below the signal line, hinting at potential downward momentum. The Average Directional Index (ADX) at 29.2 signals a weak trend, while the Stochastic Oscillator is at 58.84, indicating mild bullish momentum.

Moving averages present a mixed picture; the stock is trading near its short-term moving averages, with the 10-day and 20-day Exponential Moving Averages (EMAs) close to the current price. However, the longer-term EMAs (50-day and 100-day) are above the current price, suggesting resistance in the higher range. The Awesome Oscillator and Momentum indicators are negative, reinforcing the bearish sentiment.

Support for ATGL can be seen around 841, close to the Classic Pivot S1, which is crucial for short-term traders. On the upside, resistance is expected near the 930 level, aligned with Classic Pivot R1. The Ichimoku Base Line also hovers around 847, acting as a support zone, while the Hull Moving Average at 837.98 might provide additional support.

Given the current indicators and patterns, ATGL may experience some sideways movement with a slight bearish tilt unless it can break through the immediate resistance levels. Traders should watch for a break below the support levels for a potential downward move or a breach above resistance for a bullish trend.