Oil India Limited (OIL) Stock - Complete Technical Analysis - Oct 23, 2024

Oil India Limited Technical Analysis Key Support & Resistance Levels 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. Oil India Limited (OIL) is showing weakness, with the stock priced at 504.95, well below its 52-week high of 767.9. The bearish momentum is evident from indicators such as a low RSI of 34 and a negative MACD, highlighting selling pressure. ADX signals a weakening trend strength, while the Stochastic indicators are extremely low, suggesting a continued bearish outlook in the short term. However, the stock is trading above its 52-week low, indicating there could still be a bounce from lower support zones.

Support is expected around the 480 level, aligning with major moving averages. Resistance could emerge near 530-550 levels. A break below 480 could lead to further downside, while a sustained move above 530 would suggest a potential recovery. Traders should remain cautious as volatility remains high, and key moving averages suggest bearish sentiment persists. Monitoring the MACD and RSI closely will be essential for identifying trend reversals or continuation.