Swan Energy Limited (SWANENERGY) Stock - Complete Technical Analysis - Oct 24, 2024

"Swan Energy Limited Technical Analysis Key Support & Resistance Levels 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. Detailed Technical Analysis of Swan Energy Limited (SWANENERGY)

Currently priced at 479, Swan Energy Limited is showing a significant divergence from its recent performance, being 38.83% below its 52-week high of 782.25. The stock has demonstrated notable price fluctuations, reflecting a downtrend characterized by lower highs and lows over the past week. Opening at 489 and closing at 478.50 on the most recent trading day indicates a persistent bearish sentiment.

Analyzing technical indicators, the ADX is at 32, suggesting a strong directional trend is ongoing. However, the RSI, at 25.02, indicates oversold conditions, hinting at a potential bounce back. The Stochastic oscillator reading at 5.01 reinforces this, highlighting the stock's extreme oversold status. The MACD continues to show negative values, indicating downward momentum, while the Awesome Oscillator also remains bearish.

With the Average True Range (ATR) indicating elevated volatility, traders must remain vigilant. Key support levels appear around 487.63 based on various pivot points, and should the stock retrace towards these levels, it could present a buying opportunity. Resistance is expected around the 522-529 range, where traders might face selling pressure.

In summary, while the current landscape suggests continued bearish action, a potential reversal may be on the horizon if the RSI shows improvement. Traders should watch for volume spikes and positive momentum indicators before making entry decisions.