Piramal Enterprises Limited (PEL) Stock - Complete Technical Analysis - Sep 05, 2024

Piramal Enterprises Technical Analysis: Key Support, Resistance

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. Let's dive into the technical analysis for Piramal Enterprises Limited (PEL) stock. Currently trading at 1,079, the stock is positioned 5.36% below its 52-week high of 1,139.95 and 46.46% above its 52-week low of 736.6.

Starting with trend indicators, the stock shows strong bullish signals. The MACD is above the signal line, indicating upward momentum. The RSI is at 61.89, suggesting the stock is neither overbought nor oversold, but leaning towards a bullish trend. The Stochastic Oscillator is high at 86.64, pointing to possible overbought conditions. However, the Stochastic RSI remains robust at 73.09, supporting the ongoing bullish momentum.

The ADX, at 14.34, reflects a weak trend, implying that while the stock is currently in an uptrend, the strength of the trend is relatively low. The Commodity Channel Index is at 87.16, indicating the stock is in the overbought zone. The Awesome Oscillator is positive, reinforcing the bullish trend.

When looking at moving averages, the stock is above its short-term exponential and simple moving averages, which are at 1,053.48 and 1,062.37 respectively. This suggests a bullish trend. Conversely, it's above its longer-term averages, like the 200-day EMA and SMA, which are at 928.56 and 909.32 respectively, indicating a strong long-term uptrend.

Support and resistance levels are crucial. Immediate support is around the Classic Pivot S1 level at 914.65, while key resistance is at the Classic Pivot R1 level of 1,132.7. Other notable levels include the Fibonacci Pivot R1 at 1,087.2 and the Woodie Pivot R1 at 1,149.13.

In summary, while the stock is in a bullish phase with positive momentum indicators, its essential to watch for any potential overbought signals and pay attention to key support and resistance levels for informed trading decisions.