Olectra Greentech Limited (OLECTRA) Stock - Complete Technical Analysis - Sep 06, 2024

Olectra Greentech (OLECTRA) 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. Olectra Greentech Limited (OLECTRA) is currently trading around 1,546, which is notably 30.40% below its 52-week high of 2,221.95 reached on February 22, 2024, and 51.91% above its 52-week low of 1,018 from October 26, 2023. The stock shows a mixed technical picture.

Support levels are evident near the recent lows of 1,478.97 and 1,396.03, with further support around the 1,181.58 level. Resistance can be observed around the 1,610.48 mark, with higher resistance levels at 1,693.42 and 1,824.93. The stock has been trading within a range marked by an inside candle pattern from September 4, 2024, indicating consolidation between 1,532.55 and 1,584.00.

Technical indicators reflect a bearish sentiment. The MACD is in negative territory, suggesting a downward trend. The RSI and Stochastic indicators are in the oversold zone, indicating potential for a rebound but also signaling caution. The ADX is low, suggesting a weak trend, while the Commodity Channel Index and Awesome Oscillator also point towards bearish conditions. Moving averages are showing a downward slope, with the stock trading below key moving averages like the 50-day and 200-day, reinforcing the bearish trend.

The Average True Range (ATR) suggests increased volatility in recent days, and with various pivot levels showing a bearish bias, traders should watch for breaks below support levels or potential rebounds from these key areas.