Steel Strips Wheels Limited (SSWL) Stock - Complete Technical Analysis - Sep 11, 2024

Steel Strips Wheels (SSWL) Stock Analysis Bearish Pattern & Key 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. Steel Strips Wheels Limited (SSWL) Technical Analysis

The current trading price of Steel Strips Wheels Limited (SSWL) is 216.02, reflecting a significant discount of 27.75% from its 52-week high of 299.0. The stock is currently 13.37% above its 52-week low of 190.55.

Support and Resistance Levels: The immediate support level is identified around the 208.84 mark, with further support at 190.47. Resistance levels are observed at 242.74 and 258.27, with potential resistance up to 292.17. The stock's current price is below the key moving averages, including the Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), which suggest bearish momentum.

Technical Indicators:

MACD is currently negative, indicating bearish momentum.

RSI is in the oversold zone, reflecting potential for a reversal if buying pressure increases.

Stochastic Oscillator and Stochastic RSI are also in the oversold territory, reinforcing the bearish trend.

ADX is below 20, suggesting a weak trend and lack of clear directional movement.

Commodity Channel Index (CCI) and Williams Percent Range (WPR) both indicate oversold conditions, supporting the view of potential for a price bounce.

ATR values show high volatility, which could lead to sudden price swings.

Chart Patterns: The recent Bearish Engulfing pattern suggests that the stock could be facing further downside pressure, with the current day closing well below yesterday's close.

Overall, SSWL appears to be in a bearish phase with the potential for a short-term rebound if the technical indicators start showing signs of bullish divergence. Traders should watch for confirmation from momentum indicators and any potential reversal patterns before making significant moves.