Chalet Hotels Limited (CHALET) Stock - Complete Technical Analysis - Oct 09, 2024

Chalet Hotels Limited (CHALET): Technical Analysis & Trading Insights NSE Stocks

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.

Chalet Hotels Limited (CHALET) is currently trading at 890.60, showing strong performance, as it's 7.04% below its 52-week high of 958.0 and 66.44% above its 52-week low of 535.1. The stock has exhibited volatility recently, marked by significant price movements. Over the last five days, we have seen a sudden surge from a low of 815.15 on October 8 to a high of 913.00 today, indicating bullish sentiment. The price action also shows a Spinning Top pattern, highlighting market indecision, which suggests a potential reversal point.

In terms of support and resistance, key levels to monitor include immediate support around 870.04 and resistance at the psychological level of 900. Technical indicators present a mixed outlook. The RSI at 55.58 indicates that the stock is neither overbought nor oversold, suggesting room for further upward movement. Meanwhile, the MACD is positive, reflecting bullish momentum, although the Awesome Oscillator indicates potential weakening momentum. The ADX at 29.86 signifies a strong trend, which is important for traders looking to capitalize on momentum shifts.

Overall, with the stock trading above the 50-day and 200-day moving averages, the trend remains bullish, but traders should remain vigilant around the resistance levels. A confirmed breakout above 900 could signal a new upward trend, while a drop below 870 may suggest a reassessment of long positions. Hence, its crucial to watch for price action closely in the coming sessions to navigate potential volatility.