Confidence Petroleum India Limited (CONFIPET) Stock - Complete Technical Analysis - Aug 30, 2024

Confidence Petroleum (CONFIPET) Stock Analysis: Key Levels, Indicators

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.

Confidence Petroleum India Limited (CONFIPET) is currently trading at 90.3. Analyzing its technical indicators, the stock shows a mix of bullish and bearish signals.

Support and Resistance Levels:

Immediate Support: 86.9 (Classic Pivot)

Strong Support: 79.02 (Classic Pivot S1)

Immediate Resistance: 96.27 (Classic Pivot R1)

Strong Resistance: 104.15 (Classic Pivot R2)

Technical Indicators:

MACD is showing bullish momentum, indicating potential upward price movement.

RSI is around 60, suggesting the stock is nearing overbought territory but not yet there.

Stochastic Oscillator and Stochastic RSI are in bullish zones, which further supports potential upward momentum.

ADX indicates a strong trend, supporting the strength of the current movement.

Awesome Oscillator and Williams %R reflect bullish trends, though the latter shows a slight overbought condition.

Momentum is positive, reinforcing the upward price movement.

Commodity Channel Index and Ultimate Oscillator suggest a continuation of the current trend.

Moving Averages:

The stock is trading above its short-term Exponential Moving Averages (10, 20) and Simple Moving Averages (10, 20), signaling bullish momentum.

The stock is trading near its Hull Moving Average (9), showing current support levels are aligning well with price action.

Pivot Points:

Classic Pivot Point: 86.9

Camarilla Pivot Point: 86.9

Fibonacci Pivot Point: 86.9

Woodie Pivot Point: 87.47

Chart Patterns:

The stock is trading approximately 24.74% below its 52-week high and 44.38% above its 52-week low. This indicates its currently in a consolidation phase between these levels.

Overall, CONFIPET exhibits a strong bullish trend with potential resistance levels at 96.27 and 104.15, while immediate support is at 86.9. Traders should watch these levels closely for potential entry or exit points.