Inox Green Energy Services Limited (INOXGREEN) Stock - Complete Technical Analysis - Oct 21, 2024

Inox Green Energy Services Limited (INOXGREEN) Technical Analysis: Key Levels & 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. Inox Green Energy Services Limited (INOXGREEN) is currently trading at 177.63, which is significantly below its 52-week high of 224.65. The stock has recently formed a bearish engulfing pattern, suggesting increased selling pressure. The ADX stands at 25.05, indicating that a trend is in place, while the RSI at 34.19 hints that the stock might be oversold.

Support is observed at the recent low of 176.44, and a breach of this level could lead to further declines toward 167.08. Conversely, resistance is positioned at 185.99, and breaking above this level may pave the way for upward movements toward the classic pivot at 206.10. The MACD shows bearish momentum, reinforcing the downward trend along with the Awesome Oscillator and Williams Percent Range.

The stocks average true range of approximately 2.24 indicates heightened volatility, which traders should be mindful of when making decisions. Overall, investors may want to wait for a clear trend reversal before entering positions in INOXGREEN.