Adani Green Energy Limited (ADANIGREEN) Stock - Complete Technical Analysis - Oct 14, 2024

Adani Green Energy Stock Analysis Bearish Signals 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. Adani Green Energy Limited (ADANIGREEN) is currently trading at 1,775.35, showing a notable decline of 18.34% from its 52-week high of 2,174.1, but an impressive recovery of 117.69% from its 52-week low of 815.55. Recent sessions have exhibited sideways movement, with resistance near 1,804 and support around 1,765. The stock is showing bearish momentum, reflected by a Bearish Engulfing pattern, which signals potential downside pressure. Indicators like the RSI at 39.19 suggest the stock is approaching oversold territory, while the ADX of 23.36 indicates weak trend strength. The MACD is negative, supporting the bearish sentiment with declining momentum. The Awesome Oscillator and Williams %R also reflect bearish signals. Additionally, the stock is trading below key moving averages, including the 50-day and 100-day EMAs, which suggests further weakness unless a reversal is confirmed. The next critical support lies near the 1,742 level (200-day EMA), and if breached, the stock could test the lower Fibonacci pivots. However, if a bounce occurs, the first resistance to watch is around 1,800. Overall, traders should remain cautious, as the weak technicals and bearish pattern call for a defensive strategy until stronger bullish signals emerge.