Elgi Equipments Limited (ELGIEQUIP) Stock - Complete Technical Analysis - Sep 05, 2024

Elgi Equipments Stock 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.

Technical Analysis for Elgi Equipments Limited (ELGIEQUIP)

Current Price: 707.75

Elgi Equipments is currently trading near its recent highs but remains 11.41% below the 52-week high of 798.95, achieved on June 24, 2024. The stock is 51.62% above its 52-week low of 466.8 from October 26, 2023.

Support and Resistance Levels:

Immediate Support: The stock is finding support around the Classic Pivot S1 at 611.3 and the Camarilla Pivot S1 at 680.98. These levels could be crucial for holding the price from falling further.

Immediate Resistance: The stock faces resistance at the Camarilla Pivot R1 of 707.82 and the Classic Pivot R1 of 757.75. A breakthrough of these levels might suggest a continuation of the upward trend.

Technical Indicators:

MACD: Currently showing a positive signal, indicating bullish momentum.

RSI: At 59, suggesting that the stock is in a slightly overbought condition, but not yet at an extreme.

ADX: At 24.87, indicates a moderately strong trend, suggesting that the current trend could continue.

Stochastic %K: At 79.55, approaching overbought territory, which could signal a potential pause or reversal.

Stochastic RSI: At 75.4, supporting a strong upward trend but near overbought conditions.

CCI: At 67.59, indicating that the stock is in positive territory, supporting the ongoing bullish sentiment.

Awesome Oscillator: Positive at 28.84, suggesting bullish momentum.

Williams Percent Range: At -17.45, indicating the stock is near overbought conditions.

Bull Bear Power: Positive at 30.48, reflecting bullish dominance.

Moving Averages:

Short-Term Moving Averages: The stock is above the Exponential Moving Average (10) of 695.81 and the Simple Moving Average (10) of 707.42, indicating a bullish short-term trend.

Long-Term Moving Averages: The stock remains well above the longer-term moving averages like the 200-day EMA of 628.38 and the 200-day SMA of 624.54, suggesting a strong long-term uptrend.

Chart Pattern:

The current candle formation is a Spinning Top, indicating indecision in the market. This pattern often signals a potential reversal or pause in the current trend.

Volatility:

The Average True Range (ATR) is relatively high, indicating significant volatility. This suggests that traders should be prepared for potential large price movements.

Summary:

Elgi Equipments is showing strong bullish signals, with its current price trading above most short and long-term moving averages. However, it is approaching overbought conditions, which could lead to a consolidation or correction. Key support levels to watch are around 680.98 and 611.3, while resistance levels to watch are around 707.82 and 757.75. Traders should monitor these levels closely for potential entry or exit points.