HEG Limited (HEG) Stock - Complete Technical Analysis - Nov 13, 2024

Technical Analysis of HEG Limited Stock: Bearish Signals, Support & Resistance 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. HEG Limited stock, currently at 405.15, is in a downward trend. The price has recently shown a marked decline, especially on November 13th, with the stock closing significantly lower at 405.15 after testing the 398.10 low. This price drop aligns with the formation of a bearish "Three Black Crows" pattern, signaling a potential continuation of this bearish move. The stock is trading below its short-term and long-term moving averages, confirming the current downtrend.

The technical indicators provide mixed signals. The RSI is in oversold territory, indicating a possible reversal if the market sentiment shifts. However, the MACD remains negative, which suggests weak momentum. Furthermore, the Average Directional Index (ADX) is below 25, signaling that the current trend lacks strong momentum, indicating potential consolidation before any major price movement.

Key support for the stock lies around 385, which is reinforced by the pivot points, with further support at 337. Resistance levels are seen near 429 and 432, where the stock previously faced rejection. For traders, the focus should be on watching for either a bounce off the support at 385 or a break below this level, which could signal further weakness.

In conclusion, HEG is currently showing bearish signs, and cautious trading is advised. Keep an eye on support levels at 385 and 337, with resistance to watch at 429.