Cochin Shipyard Limited (COCHINSHIP) Stock - Complete Technical Analysis - Sep 05, 2024

Cochin Shipyard Stock Analysis: Oversold Conditions

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.

Welcome to today's stock analysis of Cochin Shipyard Limited (COCHINSHIP). The stock is currently trading at 1,912, significantly below its 52-week high of 2,979.45 but above its 52-week low of 435.6. This suggests that while the stock has experienced strong growth from its lows, it is currently under pressure compared to its recent peak.

Starting with the support and resistance levels, the stock's recent inside candle pattern indicates a range between 1,881.45 and 1,998.7. Key support levels to watch are around 1,810.59 and 1,658.46, while resistance levels are likely at 2,430.97 and 2,975.28.

Technically, the Average Directional Index (ADX) is strong, signaling a strong trend, though it's currently in a bearish phase. The Relative Strength Index (RSI) is below 35, indicating the stock is in the oversold territory, which might signal a potential reversal or consolidation. The Stochastic %K is also low, reinforcing the possibility of an oversold condition.

On the moving averages front, the stock is trading below its short-term and long-term moving averages. The Exponential Moving Average (EMA) and Simple Moving Average (SMA) indicators suggest a bearish trend with the price below the 10, 20, and 50-day EMAs and SMAs. The Ichimoku Base Line further supports this bearish outlook.

The MACD is negative, reflecting a bearish momentum, and the Commodity Channel Index (CCI) is also in negative territory, suggesting downward pressure. The Awesome Oscillator and Williams Percent Range (WPR) indicate strong bearish momentum. The Ultimate Oscillator is below 30, reinforcing the oversold condition.

In summary, the stock is currently experiencing a bearish phase with several indicators showing oversold conditions. Key support levels around 1,810.59 and 1,658.46 should be monitored closely, while resistance around 2,430.97 and 2,975.28 could be potential targets if the stock manages to reverse its current downtrend.