Tamilnadu PetroProducts Limited (TNPETRO) Stock - Complete Technical Analysis - Nov 04, 2024

Tamilnadu PetroProducts Technical Analysis: Bearish Signals and Key Levels

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. In this comprehensive analysis of Tamilnadu PetroProducts Limited, we observe significant bearish indicators with the stock currently at 84.06, marking a considerable decline from recent highs. The recent trading range, with a high of 87.24 and a low of 83.70, highlights notable volatility and a bearish engulfing pattern that raises concerns about a potential downtrend.

The stock's position below key moving averages, such as the 10-day EMA at 84.11 and the 20-day EMA at 85.33, signals a prevailing bearish momentum. The MACD being negative further emphasizes the negative sentiment in the market. Additionally, the RSI reading of 43.21 indicates a nearing oversold condition, while the Stochastic %K at 69.02 hints at a possible pullback scenario.

Key support is seen around the 82.69 level (Camarilla S2) and 78.76 (Woodie S1), while resistance levels are identified at 86.89 (Camarilla R1) and 94.01 (Woodie R1). The ADX level at 38.77 signifies a strong directional trend, reinforcing the implications of recent price actions.

Traders should keep an eye on support levels for potential recovery signs while remaining alert to the possibility of further declines if the price breaches critical support. Entering a long position may be prudent once a clear bullish reversal pattern emerges.