ITI Limited (ITI) Stock - Complete Technical Analysis - Sep 05, 2024

ITI Limited (ITI) Stock Analysis - Key Support, Resistance, and Technical Indicators Explained

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.

For ITI Limited (ITI), the current price stands at 297.40, which is about 22.61% below its 52-week high of 384.30, and 145.79% above its 52-week low of 121.00. This indicates a significant recovery from its lows but still considerable distance from its peak.

Technical indicators reveal a mixed picture. The Average Directional Index (ADX) at 22.74 suggests a weakening trend, with the stock currently in a range-bound phase. The Relative Strength Index (RSI) is at 49.19, indicating that the stock is neither overbought nor oversold, suggesting a neutral momentum. The MACD level at 0.52 points to a bullish crossover but remains below its signal line, hinting at potential volatility. The Stochastic RSI Fast at 61.14 suggests some bullish momentum, yet it remains below overbought levels.

On the moving averages front, the stock price is trading close to its Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), which range from 296.29 to 301.26 for various periods. The convergence of these averages indicates potential support and resistance zones. The Ichimoku Base Line and Volume Weighted Moving Average also support this price range as a potential pivot point.

In terms of price levels, the Classic Pivot and Fibonacci Pivot levels are close to the current price, suggesting immediate resistance around 299.75 and support around 284.00. The Camarilla and Woodie Pivots provide additional levels to watch, with resistance at 308.10 and support at 298.06.

Chart patterns show a Spinning Top candle, reflecting market indecision and potential for both bullish and bearish moves. The Average True Range (ATR) has been fluctuating but remains at a high level, indicating ongoing volatility.

Overall, ITIs technical outlook suggests cautious optimism with resistance levels to watch around 299.75 and support near 284.00. Traders should be prepared for potential fluctuations given the mixed signals from various indicators.