Engineers India Limited (ENGINERSIN) Stock - Complete Technical Analysis - Oct 10, 2024

Engineers India Limited Technical Analysis: Key Support & Resistance Levels Explained

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. Let's analyze Engineers India Limited stock, which is currently trading at 200. The stock is notably 34.13% below its 52-week high of 303.9, reached on July 12, 2024, while it sits 71.90% above its 52-week low of 116.45 from October 26, 2023.

Price Trends: Over the past week, we can observe some volatility, with fluctuations between 187.47 and 206.40. The stock opened today at 202.55, and although it peaked at 206.03, it closed slightly lower at 200.18. This could indicate potential resistance around the 206 mark, as seen in recent highs.

Sudden Price Movements: The most significant drop occurred on October 7, where the stock opened at 205.24 but closed significantly lower at 188.84, suggesting a reversal in momentum. The sudden price drop from 206.39 to 188.84 indicates selling pressure and may imply a cautious stance among investors.

Gaps in Price: There's a notable gap between October 8's close of 202.26 and October 7's low of 187.81, signaling a potential area of interest for traders. If the stock revisits this gap, it may attract buyers looking for value.

Volatility & Reversals: The Average True Range (ATR) shows that the stock has maintained an average volatility of around 6, which indicates a moderate range for price movements. With the RSI indicating neutral momentum, we should watch for possible trend reversals as the stock hovers around its support levels.

Support and Resistance Levels: The support level is clearly defined at around 199.79 based on classic pivot points, while resistance seems to form around the 206 area. If the stock can break above this level, it may create a bullish momentum. However, if it falls below the support level, it could signal a bearish trend.

In summary, Engineers India Limited's stock displays signs of volatility with significant price movements recently. Traders should watch the 206 resistance and 199.79 support levels closely, as breaking these points could determine the stock's short-term direction.