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Patel Engineering Limited (PATELENG) Stock - Complete Technical Analysis - Oct 28, 2024

Patel Engineering Stock Analysis: Key Support & Resistance Levels PATELENG Technical Outlook

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.

Currently at 48.1, Patel Engineering's stock reflects a strong bearish trend with significant price volatility. The RSI is nearing the oversold territory at 29.94, suggesting that while bearish sentiment is prevalent, a potential rebound might be in the works. Indicators like the ADX at 27.2 confirm the trend strength, but the MACD and Momentum indicators are showing notable bearish pressure. Additionally, the recent candlestick patternsa Doji, Bullish Harami, and Spinning Topindicate indecision among investors. If a reversal materializes, the key resistance at 53.8 could provide an entry point for upward momentum, with the next resistance milestone potentially near 56.30. On the downside, the current support is near 46.2, and further bearish movement could lead to a retest of recent lows. Investors should watch for any shift in the Awesome Oscillator and Ultimate Oscillator, which might indicate early signs of a reversal and potential upward traction.







 

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