Tejas Networks Limited (TEJASNET) Stock - Complete Technical Analysis - Oct 18, 2024

"Tejas Networks Technical Analysis: Bullish Patterns & 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. In today's analysis, we dive into Tejas Networks Limited (TEJASNET), currently trading at 1,187.70. This stock presents some interesting dynamics worth exploring for potential traders.

Current Performance: TEJASNET is 20.56% below its 52-week high of 1,495.00, reached on June 27, 2024, while standing 82.37% above its 52-week low of 651.25, recorded on March 28, 2024. This trend indicates robust performance within the past year.

Support and Resistance Levels:

Support Levels: Watch for support around 1,133.57 (S1) and 1,070.28 (S2). A breach below these levels may signal further downside.

Resistance Levels: Key resistance is seen at 1,251.28 (Pivot P) and 1,314.57 (R1). Breaking through these levels could provide further bullish momentum.

Technical Indicators:

The MACD remains bearish, indicating potential downward momentum.

The RSI at 47.5 suggests neutral positioning.

ADX at 18.41 highlights a weak trend, reflecting indecisiveness in price movement.

The Stochastic %K sits at 41.29, indicating neither overbought nor oversold conditions.

The ATR reflects average volatility around 74.47, suggesting fluctuations without significant price changes.

Chart Patterns: A Bullish Engulfing pattern indicates a possible reversal, as today's strong recovery from 1,102.85 to 1,187.70 reveals buying interest. The Morning Star pattern further supports this potential reversal.

Price Trends and Gaps: A significant surge occurred today, hitting 1,218.00 from an opening of 1,119.20. This rise indicates a positive shift in market sentiment, with gaps in yesterdays trading range suggesting possible support levels if prices retreat.

Volatility and Reversals: Current volatility, as suggested by ATR, urges traders to remain cautious. With the bullish signals present, including the engulfing and morning star patterns, a bullish reversal could unfold if resistance levels are breached.

In conclusion, TEJASNET shows signs of potential recovery with key indicators and patterns presenting opportunities for traders. Monitoring the support and resistance levels will be critical for capitalizing on upcoming price movements.