Welspun Enterprises Limited (WELENT) Stock - Complete Technical Analysis - Sep 10, 2024

Welspun Enterprises Stock Analysis Support & Resistance Levels September 2024

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. Welspun Enterprises Limited is currently trading at 589, which is about 4.91% below its 52-week high of 619, recorded on August 26, 2024. The stock is 143.98% above its 52-week low of 241.25 from October 26, 2023.

In terms of technical analysis, the stock exhibits mixed signals. The MACD indicates a bullish trend as the MACD line is above its signal line. The RSI is in the mid-range, suggesting a neutral stance. However, the Stochastic %K is lower, and the Stochastic RSI is in an oversold condition, hinting at potential weakness.

The Average Directional Index (ADX) is relatively high, pointing to a strong trend but not necessarily indicating direction, which means the trend could either be up or down. The CCI is in a positive range, indicating a bullish sentiment. Meanwhile, the Williams Percent Range shows an oversold condition, which could imply a potential rebound.

The stock price is above key moving averages such as the 10-day, 20-day, and the Ichimoku Base Line, which suggests that the current support levels are strong. The resistance is likely around the recent high and the 52-week high.

Overall, while Welspun Enterprises Limited shows some positive indicators of strength, the presence of oversold conditions and mixed signals from other indicators suggest that traders should watch for possible price consolidation or reversal in the near term.