HeidelbergCement India Limited (HEIDELBERG) Stock - Complete Technical Analysis - Sep 10, 2024

HeidelbergCement India Stock Analysis: Bullish Patterns & Key Levels to Watch

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.

HeidelbergCement India Limited (HEIDELBERG) has recently shown interesting technical patterns. Currently trading at 229.74, the stock is 6.99% below its 52-week high of 247.00 and 30.42% above its 52-week low of 176.15.

Support and Resistance Levels:

Immediate support is at 220.42, followed by 209.82, with stronger support levels at 192.59. Resistance is initially seen at 237.65, and further levels are at 244.28 and 261.51. The stock has recently tested and closed near its Classic Pivot Point of 227.05, suggesting a pivotal zone.

Technical Indicators:

The Average Directional Index (ADX) is moderate at 18.59, indicating a weak trend. The Relative Strength Index (RSI) stands at 52.68, suggesting the stock is neither overbought nor oversold but is positioned in a neutral zone. The Stochastic %K is at 35.04, which could indicate a potential move towards oversold conditions. Meanwhile, the Stochastic RSI is relatively low at 28.89, supporting the notion of potential price adjustments.

The MACD is positive at 1.18, showing bullish momentum. The Momentum indicator is slightly negative at -1.79, indicating a potential decrease in buying pressure. The Awesome Oscillator is positive at 2.06, signaling bullish tendencies. The Williams Percent Range is at -63.88, suggesting the stock might be oversold.

The Exponential Moving Averages (EMAs) show that the stock is trading above its 10-day EMA of 229.45, but below the longer-term EMAs, indicating a mixed short-term to long-term trend. The Simple Moving Averages (SMAs) also reflect a similar pattern, with the stock trading near the 10-day SMA of 229.89.

Chart Pattern:

A Bullish Harami pattern has been observed, which is typically a reversal pattern indicating a potential change from a bearish to a bullish trend. Given that the pattern appeared after a downtrend, it could signal a potential uptrend.

Volatility:

The Average True Range (ATR) indicates moderate volatility with values fluctuating around 20 to 30, suggesting some level of price swings.

Overall, while there are bullish signals from the MACD and Awesome Oscillator, the stock shows mixed indications from other indicators. The key levels to watch are the support around 220.42 and resistance at 237.65, with attention needed on potential price reactions to the Bullish Harami pattern.