Honda India Power Products Limited (HONDAPOWER) Stock - Complete Technical Analysis - Aug 30, 2024

Honda India Power Products: Bearish Reversal Key Levels

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.

Let's dive into the technical analysis for Honda India Power Products Limited (HONDAPOWER).

Support and Resistance Levels:

Support Levels: Based on classic pivots, the key support levels are around 3716.0, 3434.3, and 2888.1. Camarilla pivots suggest support at 3947.63, 3897.56, and 3847.5. The Fibonacci pivots indicate support at 3771.85, 3642.95, and 3434.3. Woodie pivots show support levels at 3732.5, 3442.55, and 3186.3. The stock is currently trading at 3845.9, close to these support zones.

Resistance Levels: Resistance is expected at 4262.2, 4526.7, and 5072.9 based on classic pivots. Camarilla pivots suggest resistance at 4047.77, 4097.84, and 4147.91. Fibonacci pivots show resistance at 4189.15, 4318.05, and 4526.7. Woodie pivots indicate resistance at 4278.7, 4534.95, and 4824.9.

Technical Indicators:

MACD: Currently negative, suggesting bearish momentum.

RSI: Neutral, indicating that the stock is neither overbought nor oversold.

ADX: Showing a moderate trend strength; not particularly strong in either direction.

Stochastic Oscillator: Indicates potential for short-term bullish momentum, though it is not at extreme levels.

Awesome Oscillator: Indicates a bearish trend.

Moving Averages:

Short-Term (10-day EMA): 3761.83

Medium-Term (50-day SMA): 3888.51

Long-Term (200-day SMA): 2815.21

The stock's current price of 3845.9 is below the short-term moving averages but above the long-term averages, reflecting a mixed trend.

Chart Patterns:

Bearish Harami Pattern: This indicates potential bearish reversal. The pattern shows that the stock closed lower today compared to yesterday, which could signal a shift in momentum.

Volatility:

Average True Range (ATR): The ATR is currently high, suggesting increased volatility and potential for significant price swings.

52-Week High/Low:

The stock is trading 9.40% below its 52-week high of 4245.0 and 78.38% above its 52-week low of 2156.0.

In summary, HONDAPOWER shows mixed signals with a bearish bias due to the recent Harami pattern and negative MACD. Support levels are near 3716.0 to 3847.5, and resistance levels range from 4262.2 to 5072.9. Traders should watch these levels closely and consider the increased volatility.