Oil India Limited (OIL) Stock - Complete Technical Analysis - Oct 15, 2024

Oil India Limited Analysis: Key Support & Resistance Levels Revealed

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. In today's analysis of Oil India Limited (OIL), currently trading at 559.45, we observe that the stock is 27.15% below its 52-week high of 767.90, reached on August 30, 2024. Conversely, it's significantly up, at 186.21% above its 52-week low of 195.47, recorded on November 28, 2023. This price movement highlights a robust recovery from the lows experienced last year.

The last five trading days indicate some volatility, with the recent closing price lower than the previous day, suggesting potential bearish sentiment. The stock opened at 584.75 today, hit a low of 552.10, and closed at 559.45, indicating a significant price drop during the session. The highest price reached in this period was 590.95, showcasing a notable surge earlier in the week.

In terms of technical indicators, the RSI is at 43.15, indicating that the stock is approaching oversold territory, while the MACD is in negative territory, suggesting a potential downtrend. The ADX reading of 19 indicates a weak trend strength, hinting that a breakout could be imminent. The Stochastic RSI suggests the stock may be entering a bullish phase with its current positioning.

Support levels are positioned around 511.43, as indicated by pivot points, while resistance is identified near the classic pivot of 623.07. Traders should closely monitor these levels for potential reversals. A breakout above resistance could signal a bullish trend, while a drop below support may prompt further downside.

In summary, Oil India Limited is exhibiting signs of recovery with some volatility, making it crucial for traders to stay alert for price movements near the identified support and resistance levels, keeping an eye on the various indicators for confirmation of trends.