Tata Elxsi Limited (TATAELXSI) Stock - Complete Technical Analysis - Dec 13, 2024
Tata Elxsi (TATAELXSI) Stock Technical Analysis Support & Resistance Levels, Momentum 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. Tata Elxsi Limited (TATAELXSI) Detailed Technical Analysis
Current Stock Price: 7,364
Support and Resistance Levels:
Support: The immediate support lies around 7,211, followed by 7,100 (50-day moving average), and the critical 6,780 support level based on classic pivot calculations.
Resistance: The key resistance points are located at 7,448, 7,886, and 8,326 based on various pivot and Fibonacci levels. A breakout above 7,448 would confirm further bullish momentum.
Indicators and Chart Patterns:
RSI: The Relative Strength Index (RSI) is at 61.84, which signals that the stock is approaching overbought territory but is not yet overextended. The current momentum shows that there is room for some upside, though a pullback may occur if RSI crosses 70.
MACD: With a MACD reading of 113.23, the stock is showing a bullish divergence, suggesting that the upward momentum could continue. The positive histogram also suggests that the bulls are in control.
Stochastic: The Stochastic indicator is showing an overbought level of 85.58, hinting at the possibility of a short-term price correction before the stock can continue its upward trend.
Price Trends: The stock has formed a Bullish Engulfing pattern followed by a Morning Star on the daily chart, which suggests that a bullish trend could be in motion. These reversal patterns indicate that the stock could experience continued upward momentum, potentially targeting the higher resistance levels.
Moving Averages:
50-day EMA at 7,113 and the 100-day EMA at 7,199 show that the stock is in an overall uptrend, as the price is currently trading above these averages.
The 200-day EMA at 7,304 provides additional support in case of a downturn, reinforcing the long-term bullish outlook.
Volatility and Risk Factors:
The ATR (Average True Range) is high, indicating significant volatility. Traders should be prepared for large intraday price movements. The momentum indicator confirms that the stock has strong bullish momentum, but risk-averse investors should be mindful of volatility.
Camarilla pivot points and Fibonacci levels suggest key levels for both support and resistance. Watch for a breakout above 7,448 or a drop below 7,211 for short-term trade opportunities.
Conclusion: In summary, Tata Elxsi is currently showing a bullish technical setup with multiple indicators supporting upward movement. Traders should watch the support and resistance levels closely, as these will determine the next moves. Given the volatility, cautious traders may wait for a pullback or test of support before taking positions. The bullish patterns observed suggest that Tata Elxsi could continue to outperform if it maintains its momentum.
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