Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Dec 20, 2024

SHILPAMED: Key Resistance Ahead - Breakout or Breakdown

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.

Shilpa Medicare (SHILPAMED), currently trading around 828, is significantly below its 52-week high of 959 and considerably above its 52-week low of 313. The stock is trading below its short-term moving averages (10 and 20-day EMAs and SMAs) and also below its 30 and 50 day moving averages. However, it is currently trading above its 100 and 200 day moving averages. The RSI is below 45, indicating weak momentum. The MACD is negative, confirming the bearish sentiment. The ADX is low, suggesting a weak trend. Traders should monitor for a decisive break above the resistance zone around 835-850, where several moving averages converge. Support can be found around the recent low of 814. While the stock is above its long term moving averages, the short to medium term bias seems to be bearish. Traders should exercise caution and await a clear breakout above the resistance zone before initiating long positions. A break below the support could lead to further downside.