Tejas Networks Limited (TEJASNET) Stock - Complete Technical Analysis - Oct 10, 2024

Tejas Networks Technical Analysis: Key Levels & Market Insights for Traders

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.

Tejas Networks Limited is currently trading at 1188.60, showing a significant drop from its 52-week high of 1495.00, reflecting a 20.49% decline. The stock has been resilient, trading 82.51% above its 52-week low of 651.25. This week, the stock opened at 1181.30, reached a high of 1233.95, and closed at 1188.60, suggesting some volatility.

Recent candlestick patterns indicate mixed signals. The presence of a shooting star pattern indicates a potential bearish reversal, while the bullish harami pattern suggests that there may still be upward momentum. With an Average Directional Index (ADX) around 20.84, the current trend strength is weak, indicating a possible consolidation phase ahead. The Relative Strength Index (RSI) at 45.09 suggests that the stock is neither overbought nor oversold, pointing to further price exploration.

The MACD is currently negative, reflecting potential bearish momentum, while the Awesome Oscillator indicates bearish pressure as well. However, the Bull-Bear Power indicator suggests some underlying bullish sentiment.

Support is observed at 1133.57, while resistance levels lie near 1251.28, which aligns with the classic pivot point. Volatility remains high as shown by the Average True Range (ATR), which highlights significant price fluctuations. Traders should remain cautious around key resistance levels, as breaking above 1251.28 could signal a trend reversal, while a drop below 1133.57 may trigger further selling pressure. Overall, keeping an eye on these key levels and candlestick patterns will be crucial for short-term trading strategies.