Gujarat State Petronet Limited (GSPL) Stock - Complete Technical Analysis - Dec 16, 2024

Gujarat State Petronet Ltd (GSPL) Technical Analysis: Price Action & Key Levels to Watch December

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. Gujarat State Petronet Limited (GSPL) has been experiencing fluctuations in the recent trading sessions, with the stock trading at 378.20, which is 19.48% below its 52-week high and 45.43% above its 52-week low. Looking at the recent price action, there has been notable volatility, especially in the last few days. On December 13, GSPL opened at 380.35, reached a high of 380.35, and a low of 370.45, closing at 378.20. This indicates some consolidation after a recent surge, and the stock is currently showing signs of stability within a short-term range.

On the technical front, the Relative Strength Index (RSI) at 54.82 suggests that GSPL is in a neutral zone, with no signs of being overbought or oversold. The MACD and Stochastic RSI indicators indicate bullish momentum, as both are in positive territory, with Stochastic RSI pushing into the overbought zone. The ADX at 24.68 confirms a weak trend with some momentum. Key moving averages, including the 10-day EMA (374.3) and 20-day EMA (369.81), are being respected, providing some bullish support.

The appearance of a Hammer candlestick pattern on December 13 signals potential bullish reversal, especially if the stock breaks through recent highs. However, any price action below the 370-375 level could indicate a breakdown, bringing the stock back to the next support levels near 355. The stock has been trending upward recently, and traders should monitor the 396-400 resistance levels closely. Any movement above this level could lead to a further push toward higher targets.