Gillette India Limited (GILLETTE) Stock - Complete Technical Analysis - Oct 08, 2024

Gillette India Stock Analysis: Bullish Trend & Key Levels to Watch

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.

Today, we're diving into a detailed technical analysis of Gillette India Limited stock, currently trading at 8,817.80, which sits 7.76% below its 52-week high of 9,560. This stock has shown remarkable resilience, being 48.05% above its 52-week low of 5,956.05.

Over the last five days, we've observed some intriguing price movements. On October 8, the stock opened at 8,720, reached a high of 8,950, and closed at 8,817.80, indicating strong bullish momentum. The previous day saw a close of 8,683.95 after hitting a low of 8,430, which suggests some volatility but no major drop in support levels.

Support and Resistance Levels: The stock has critical support at around 8,500, which has held firm, preventing further downside. The resistance level is near the recent highs of around 8,950, where profit-taking could occur. A breakout above this level may lead to further upward movement towards the 9,000 mark.

Technical Indicators: Looking at the indicators, the Average Directional Index (ADX) at approximately 32 signals a strong trend, while the Relative Strength Index (RSI) hovering around 58 suggests the stock is neither overbought nor oversold. The Stochastic %K value is low, indicating potential for upward momentum as traders begin to buy at these attractive price levels.

The presence of a Three White Soldiers pattern signifies a bullish continuation trend, reinforcing our optimistic outlook. The classic pivot point of 8,822.82 acts as a psychological level, further supporting the bullish case.

Volatility and Trends: The Average True Range (ATR) reflects increasing volatility, which traders should watch closely as it can indicate potential price swings. With a recent high of 8,950, the market has shown both strength and the potential for sudden surges in price.

In summary, Gillette India Limited is showing a solid bullish trend, with a robust support level at 8,500 and resistance near 8,950. Traders should monitor for a breakout past resistance, as it could lead to further gains. Keeping an eye on the momentum indicators will be crucial as we navigate this dynamic market.