Unitech Limited (UNITECH) Stock - Complete Technical Analysis - Sep 11, 2024

Unitech Limited (UNITECH) Stock Analysis: Key Support, Resistance & Technical Indicators for 2024

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.

Technical Analysis of Unitech Limited (UNITECH)

Currently, Unitech Limited is trading at 9.41, showing a substantial drop of 52.98% from its 52-week high of 19.8, and a remarkable increase of 417.22% from its 52-week low of 1.8.

Support and Resistance Levels:

Support Levels: Key support levels are around 8.52 and 7.76, which align with the Classic Pivot S1 and S2. The Camarilla S1 and S2 also reinforce these support levels.

Resistance Levels: Significant resistance can be observed at 10.67 and 12.06, which are the Classic Pivot R1 and R2. The Fibonacci Pivot R1 and R2 also reflect these resistance points.

Technical Indicators:

MACD: The MACD is currently negative, indicating a potential bearish trend.

RSI: With an RSI around 42.82, the stock is nearing the oversold territory, suggesting potential for a reversal or a bounce.

ADX: The ADX value of 25.6 signifies a moderate trend strength. A higher value might indicate a stronger trend.

Stochastic: The Stochastic %K is at 47.88, showing a neutral position, while the Stochastic RSI is at 65.94, hinting at potential overbought conditions.

Moving Averages: The stock is trading below its short-term and long-term moving averages, including the 10-day EMA and the 50-day EMA, which may indicate a bearish trend. The 200-day EMA is also slightly below the current price, suggesting a potential resistance level.

Volume Weighted Moving Average (VWMA): At 9.74, it is also indicative of possible resistance.

Chart Patterns:

The stock's current price is below its 50-day and 200-day moving averages, suggesting a bearish trend.

The Hull Moving Average (9) is at 10.14, potentially acting as a resistance level if the price rises.

Observations:

The Average True Range (ATR) shows volatility with a recent decline, which may affect price stability.

The Awesome Oscillator is near zero, indicating a lack of strong momentum.

In summary, Unitech Limited is in a bearish phase with current price levels trading below major moving averages. The support levels at 8.52 and 7.76 are critical, while resistance is seen at 10.67 and 12.06. Traders should watch for potential reversals or further declines based on these technical indicators.