Adani Green Energy Limited (ADANIGREEN) Stock - Complete Technical Analysis - Nov 18, 2024

Adani Green Stock Analysis: Key Support, Resistance & Trends Explained

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.

Adani Green Energy Limited (ADANIGREEN) is witnessing strong bearish sentiment with the stock trading well below its key resistance levels. A notable bearish engulfing pattern, coupled with oversold RSI and Stochastic levels, indicates continued selling pressure. The stock is trending under its major exponential and simple moving averages, signifying persistent weakness.

The MACD level suggests a bearish crossover, reinforcing the downtrend, while the ADX indicates strong directional momentum. Traders should monitor for a break below the current support at 1364 for further downside potential or a reversal signal near the oversold threshold. Ichimoku cloud levels and pivot-based resistances at 1705 and above serve as critical zones for traders to watch.

Given the elevated ATR, volatility remains a concern. Long-term investors should focus on improving fundamentals, while short-term traders may consider technical pullbacks for quick trades, keeping stop-loss levels tight.