Jindal Worldwide Limited (JINDWORLD) Stock - Complete Technical Analysis - Oct 11, 2024

Jindal Worldwide Limited: Key Support, Resistance & Technical Analysis Insights

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, Jindal Worldwide Limited is trading at 314, reflecting a significant drop from its recent high of 436.95. The stock has experienced a notable downtrend, trading about 28.16% below its 52-week high and 17.24% above its 52-week low. The recent inside candle pattern observed on October 7, with a parent high of 336.90 and low of 309.00, indicates a period of consolidation and uncertainty.

In terms of technical indicators, the RSI at 31.92 suggests the stock is currently oversold, indicating potential for a bounce back if buying pressure increases. The MACD being negative signifies a bearish momentum, while the ADX at 16.18 indicates a weak trend. The bearish sentiment is further supported by the Awesome Oscillator, which also shows a downward trend.

For support and resistance levels, we can identify immediate support near the recent low of 311.00 and resistance at the previous high of 336.90. Given the volatility with a recent ATR indicating potential swings, traders should watch for sudden price movements around these levels.

In conclusion, Jindal Worldwide Limited is currently facing downward pressure but may present an opportunity for traders if it shows signs of reversal, especially if it breaks above the resistance level at 336.90. Keep an eye on the price action and market conditions for potential trade setups.