Dhani Services Limited (DHANI) Stock - Complete Technical Analysis - Aug 30, 2024

"Dhani Services Stock Analysis: Key Support, Resistance, and Trends You Need to Know"

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.

Lets dive into the technical analysis for Dhani Services Limited (DHANI) stock.

Current Price: 57.4

Support Levels: Key support is observed at 54.2, which is also the Camarilla S1 pivot. Further support can be found around 49.34, aligning with the Classic S1 pivot.

Resistance Levels: The immediate resistance is at 61.8, as per the Classic R1 pivot. Additional resistance levels are at 68.26 and 80.72, from the Classic R2 and R3 pivots respectively. The Fibonacci R1 level also coincides with 60.56, providing a significant resistance point.

Moving Averages: The stock is currently trading at its Exponential Moving Average (EMA) for 10 days, which is 57.4. The stock's recent price movement is above the 50-day EMA of 54.01, indicating a bullish trend in the medium term. The 200-day EMA stands at 47.66, showing a longer-term uptrend. The Simple Moving Averages (SMA) also support this, with the 10-day SMA at 57.56 and the 50-day SMA at 54.73.

Pivot Points: Classic Pivot P is at 55.8, and Camarilla Pivot P is also at 55.8. The Fibonacci Pivot P also aligns with this level, indicating a critical juncture for price movement.

Chart Patterns: The stock shows a bullish trend, supported by its positioning above several moving averages and pivot points. The Ichimoku Base Line is at 56.1, suggesting that the stock is in a positive phase if it maintains levels above this line.

Technical Indicators:

MACD: The MACD level is positive, indicating bullish momentum.

RSI: The Relative Strength Index is at 54.64, signaling a neutral to bullish sentiment.

ADX: The ADX is at 21.92, which suggests a moderately strong trend.

Stochastic: The Stochastic %K is at 64.32, suggesting that the stock is in the overbought zone but not excessively so.

Awesome Oscillator: Positive at 3.57, supporting the bullish momentum.

Williams Percent Range: At -41.84, indicating less bearish pressure.

Volume and Volatility: The Average True Range (ATR) is 110.72, reflecting high volatility. The stocks trading volume and volatility should be monitored closely, as high ATR suggests substantial price fluctuations.

In summary, Dhani Services Limited is currently showing a bullish trend with key support at 54.2 and resistance at 61.8. The stock is trading above its short and long-term moving averages, reinforcing its positive momentum. Traders should keep an eye on the resistance levels and be prepared for potential volatility given the high ATR.