Savita Oil Technologies Limited (SOTL) Stock - Complete Technical Analysis - Sep 11, 2024

Savita Oil Technologies Limited (SOTL) Technical Analysis: Bearish Signals & Key Levels NSE Stock

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.

Savita Oil Technologies Limited (SOTL) stock is currently trading at 579.90. Here's a detailed technical analysis:

Price Action and Chart Patterns:

The stock is 11.47% below its 52-week high of 655.0, reached on 09 July 2024, and 85.27% above its 52-week low of 313.0, recorded on 09 October 2023.

Recent price action reveals a Bearish Engulfing pattern, which suggests a potential bearish reversal. Additionally, today's Spinning Top candle indicates market indecision, which could imply volatility or a trend reversal in the near term.

Support and Resistance Levels:

Immediate support is found near 574.72, which aligns with the Classic Pivot S1. A break below this could lead to further declines towards 540.63 (Classic Pivot S2).

On the upside, resistance is seen around 638.87, the Classic Pivot R1. If the stock surpasses this level, it could potentially move towards 668.93 (Classic Pivot R2).

Technical Indicators:

MACD: The MACD is currently negative, indicating bearish momentum.

RSI: With an RSI of 43.67, the stock is in the neutral zone, not showing signs of being overbought or oversold.

ADX: The ADX level at 15.94 suggests a weak trend strength.

Stochastic: The Stochastic Oscillator and Stochastic RSI are both in oversold territory, which might signal potential for a short-term rebound.

Moving Averages: The stock is below most of its moving averages, including the 10, 20, 30, and 50-day EMAs. The 200-day EMA stands at 499.7, which may act as a significant support level if the stock continues to decline.

Average True Range (ATR): The ATR is relatively high, indicating increased volatility.

Volume and Pivot Points:

Volume Weighted Moving Average (20) is higher than the current price, suggesting that the stock might face resistance around current levels.

The Classic Pivot P is at 604.78, providing a reference point for future price movements.

In summary, the stock is currently trading under resistance levels and above key support zones. The Bearish Engulfing pattern and Spinning Top candle indicate potential bearish sentiment and indecision. Traders should watch for a breakout above 638.87 or a drop below 574.72 to gauge the next direction for SOTL.