Petronet LNG Limited (PETRONET) Stock - Complete Technical Analysis - Dec 13, 2024

Petronet LNG Stock Technical Analysis: Key Levels & Price Trend

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. Petronet LNG Limited (PETRONET) is trading at 340.50, which is an 11.37% drop from its 52-week high of 384.2, but it is 64.97% higher than the 52-week low of 206.4. The stock has a solid fundamental base, with a PE ratio of 13.0, a Book Value of 123, and impressive return ratios with ROCE at 26.4% and ROE at 22.2%. However, recent price action has shown some signs of indecision, with a spinning top candlestick pattern on December 13, 2024, signaling potential market uncertainty.

Over the last few days, the stock has been moving in a narrow range, with the price fluctuating between 336.85 and 343.95. The Average Directional Index (ADX) at 20.83 shows that the stock is currently in a weak trend, which could mean that it's consolidating in the short term. The RSI at 56.63 shows that the stock is in neutral territory, suggesting that there is no overbought or oversold condition. MACD's positive crossover indicates a potential bullish trend if the stock breaks out of resistance.

Support is evident around the 330-336 range, with Classic Pivot at 330.62, which can act as a solid foundation for upward movements. If the price falls below this zone, expect further downside risk towards 311-312. Resistance levels are seen at 343.95, with further upside targets towards 352 and 371 levels, as indicated by the Fibonacci and Classic Pivot levels.

In conclusion, Petronet LNG is consolidating and showing strength, but a breakout above 343.95 could signal further bullish momentum. Traders should watch for price action at key support and resistance levels to decide on their next move.