Jupiter Wagons Limited (JWL) Stock - Complete Technical Analysis - Oct 17, 2024

Jupiter Wagons Limited (JWL) Technical Analysis: Key Support & Resistance 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.

Jupiter Wagons Limited (JWL) is currently trading at 522.85, reflecting a significant price trend where it has surged 95.97% from its 52-week low of 266.8, reached on October 26, 2023, while being 30.11% below its 52-week high of 748.1 set on July 5, 2024. The recent price action indicates notable volatility, particularly with the formation of a bearish shooting star pattern, which suggests potential reversal in the current uptrend.

The stock's price movement in the last five days shows fluctuations, including a recent high of 537.30 on October 17, which was followed by a close of 522.85. The average directional index (ADX) is at 30.18, indicating a strong trend, but the MACD level suggests a bearish momentum, sitting at -7.33. This juxtaposition hints at potential downward pressure in the near term.

Support levels are identified around the 505.05 mark based on the Camarilla pivot and 475.98 from classic pivots. Resistance is likely to be encountered near 526.72 (classic pivot point) and 563.83 (R1). The RSI at 51.08 reflects neutrality, suggesting that the stock could experience consolidation before making a definitive move in either direction.

Investors should closely monitor volume patterns alongside price action, especially as the average true range (ATR) of 7.34 indicates rising volatility. If the price drops below the support level of 505.05, it may signal a stronger bearish trend, whereas a breakthrough above resistance at 526.72 could open up a path towards further gains. Overall, cautious optimism is advised while maintaining a close eye on these pivotal levels.