Tega Industries Limited (TEGA) Stock - Complete Technical Analysis - Oct 18, 2024

Tega Industries Technical Analysis: Key Levels & Trading Insights for October 2024

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. Tega Industries Limited is currently priced at 1,851, showcasing a notable recovery from its 52-week low of 841.7 just a year ago. The stock is approximately 9.03% below its recent 52-week high of 2,034.95, reached on October 1, 2024.

Recent trading activity reflects sudden price changes, especially on October 16, when the price hit a high of 1,959.90 but ultimately closed lower at 1,891.60. This indicates some selling pressure and suggests potential resistance near the 1,900 level. Immediate support can be seen around 1,800, with further support identified at today's low of 1,778.20.

Technical indicators reveal a bullish MACD signal, implying a possible reversal if momentum continues to build. The RSI is around 48, suggesting a neutral stanceneither overbought nor oversoldmaking it a suitable entry point for both conservative and aggressive traders. The Average True Range indicates moderate volatility, hinting at potential price swings ahead.

Classic pivot points show that a breakout above 1,900 could lead to further gains, while a drop below 1,800 may provoke selling towards the 1,778 support level.

In conclusion, Tega Industries Limited offers a mixed trading outlook. Traders should closely monitor key resistance and support levels and leverage momentum indicators for strategic decisions.