Shalby Limited (SHALBY) Stock - Complete Technical Analysis - Sep 12, 2024

Shalby Limited Stock Analysis: Bullish and Bearish Signals Revealed NSE Technical 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.

Shalby Limited (SHALBY) is currently trading at 284.80. The stock is showing a mixed technical picture, reflecting both bullish and bearish signals.

Support and Resistance Levels: The key support levels are around 271.83, based on the Classic Pivot Point, and 248.72, from the Classic Pivot S1. Resistance levels are currently near 294.92 and 318.03, identified by the Classic Pivot R1 and R2 respectively.

Technical Indicators:

MACD is in positive territory, suggesting a potential bullish trend.

RSI indicates the stock is in a neutral zone, neither overbought nor oversold.

ADX is relatively low, implying that the current trend might not be very strong.

Stochastic %K and Stochastic RSI are indicating a potentially overbought condition.

Williams %R shows the stock might be near an overbought level.

Awesome Oscillator and Bull Bear Power are positive, hinting at bullish momentum.

Moving Averages:

The stock is above the short-term Exponential Moving Averages (10, 20, 30) but below the longer-term Simple Moving Averages (50, 100, 200). This suggests a mixed short-term outlook with possible resistance at higher levels.

Chart Patterns:

The Shooting Star pattern indicates a potential bearish reversal.

Conversely, the Bullish Engulfing pattern suggests a potential reversal to the upside.

Other Observations:

The stock has recently experienced high volatility as indicated by the Average True Range (ATR), reflecting an increased potential for price swings.

The Ichimoku Base Line is below the current price, which is generally a positive sign.

Overall, traders should watch the key support levels around 271.83 for potential buying opportunities and resistance around 294.92 for signs of selling pressure. The mix of bullish and bearish signals suggests caution and close monitoring of price movements is advisable.