Data Patterns (India) Limited (DATAPATTNS) Stock - Complete Technical Analysis - Sep 06, 2024

Data Patterns (India) Ltd 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 Data Patterns (India) Limited (DATAPATTNS)

Data Patterns (India) Limited is currently trading at 2,738, which is 25.08% below its 52-week high of 3,655 and 57.82% above its 52-week low of 1,735.

Support and Resistance Levels:

Immediate Support: The stock has crucial support around 2,720, where it has recently formed an inside candle pattern. Additional support is seen at the 2,616.85 level.

Immediate Resistance: Resistance is observed near 2,834 and further at the 3,110 level. The stock is currently trading below these resistance levels.

Moving Averages:

Short-Term MA: The stock is below its 10-day and 20-day EMAs, indicating a short-term bearish trend.

Intermediate-Term MA: The 50-day and 100-day SMAs are also above the current price, suggesting potential resistance zones.

Long-Term MA: The 200-day EMA and SMA are below the current price, signaling long-term support.

Technical Indicators:

RSI: The Relative Strength Index (RSI) is in the oversold zone, reflecting potential for a price bounce.

MACD: The MACD line is below the signal line, indicating bearish momentum.

Stochastic Oscillator: The %K is in the oversold range, suggesting a possible reversal.

ADX: The Average Directional Index (ADX) shows a weak trend, indicating indecision in the market.

Awesome Oscillator and Williams %R: Both suggest bearish momentum but are near levels that could indicate an upcoming change.

Chart Patterns and Observations:

Inside Candle Pattern: Recently formed with a parent high of 2,834 and a low of 2,720. This pattern suggests a consolidation phase and could precede a breakout in either direction.

Overall, the stock is in a consolidation phase with strong support around the 2,720 level and resistance near 2,834. Traders should watch these levels closely, as a breakout above resistance or below support could indicate the next major move for the stock.