GAIL (India) Limited (GAIL) Stock - Complete Technical Analysis - Nov 05, 2024

GAIL (India) Stock Technical Analysis: Support, Resistance & Insights

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 our detailed analysis of GAIL (India) Limited as of November 5, 2024, the stock is currently trading at 196.41, which places it 20.26% below its recent peak of 246.3 on July 31, 2024, while being 59.81% above the low of 122.9 from November 22, 2023. The Relative Strength Index (RSI) is showing a level of 24.76, indicating the stock is oversold and may be poised for a bounce back. The Average Directional Index (ADX) sits at 33.38, which suggests that the current trend is strong but bearish.

Examining recent price action, we see a high of 201.90 on November 1 followed by notable declines, suggesting some profit-taking occurred. The last five trading days highlighted a series of price fluctuations, culminating in a close today at 196.41. This price is comfortably above the Hull Moving Average of 195.56, indicating possible support in this area. Looking ahead, critical support is likely at around 184.83, while resistance is anticipated at approximately 214.67.

With the MACD remaining negative, caution should be exercised as traders assess the potential for further price correction or a rebound. Therefore, its essential for investors to stay vigilant for any reversal signs that could suggest a shift in momentum.