Is Elgi Equipments technically bullish or bearish?

As of 7 November 2025, the technical trend for Elgi Equipments has changed from mildly bearish to bearish. The current stance is bearish with a strong indication from multiple indicators. Both the weekly and monthly MACD are bearish, and Bollinger Bands confirm this bearish sentiment across both time frames. Daily moving averages also indicate a bearish trend. The KST shows bearish signals on both weekly and monthly charts, while the RSI does not provide any signals. Although the Dow Theory indicates a mildly bullish stance on the weekly chart, it lacks strength against the prevailing bearish indicators. Overall, the technical outlook is bearish, reflecting a significant decline in price performance, particularly with a year-to-date return of -17.60% compared to the Sensex's 6.50%.