Oil India Limited (OIL) Stock - Complete Technical Analysis - Dec 13, 2024

Technical Analysis of Oil India Limited (OIL) Stock: Support, Resistance & Trend Insights

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. Oil India Limited (OIL) stock has been in a downward trend, currently priced at 454.35, which is 40.83% below its 52-week high of 767.9, but 120.77% above its 52-week low of 205.8. With the stock trading near support levels, there's potential for a rebound, especially with the RSI at 33.67, suggesting oversold conditions.

Technical indicators like the ADX at 18.96 indicate a weak trend, and the Stochastic and Stochastic RSI suggest that the stock is in oversold territory, signaling the possibility of a reversal. Moving averages show the stock below both the 50-day and 200-day EMAs, indicating that the stock has faced bearish pressure recently. The current Classic Pivot point at 495.17 could act as a resistance zone, where price struggles to break through without sufficient momentum or volume.

For support, traders should keep an eye on 454.35, with the next major support level at 418.37. On the upside, resistance lies near 495, with further hurdles at higher Fibonacci levels. If the price breaks below support, it may target lower levels, but if it breaks above resistance, it could start targeting 520-540 levels.

The recent price action shows volatility, with the ATR indicating significant price movement, and traders should watch for confirmation of a trend reversal or a break above 495 for a potential bullish setup. Traders should stay alert to the volume and price action around key levels before making trading decisions.