Unitech Limited (UNITECH) Stock - Complete Technical Analysis - Oct 21, 2024

Unitech Limited Technical Analysis: Support & Resistance Insights for Traders

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. The technical analysis of Unitech Limited reveals that the stock is currently trading at 10.4. The Average Directional Index (ADX) indicates a weak trend, suggesting a consolidation phase. With the Relative Strength Index (RSI) at 43.46, the stock is neither overbought nor oversold. Additionally, the Stochastic %K is low at 12.53, indicating limited upward momentum.

The stock remains significantly below its 52-week high of 19.8, representing a 52.98% decline, but is also 417.22% above its 52-week low of 1.8, showcasing remarkable recovery. Recent price action indicates resistance around the classic pivot point of 11.37, while support is found at approximately 9.53.

The Average True Range (ATR) indicates volatility in price movements, with recent trading patterns showing sudden drops. Traders should exercise caution and consider waiting for the stock to decisively break above resistance levels before making any buying decisions. In summary, Unitech Limited is currently in a critical trading phase, with established support and resistance levels guiding potential trading strategies.