Rossari Biotech Limited (ROSSARI) Stock - Complete Technical Analysis - Dec 20, 2024

ROSSARI: Breakdown Alert Key Support to Watch

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.

Rossari Biotech (ROSSARI), currently trading around 800, has experienced a notable decline from its 52-week high of 972 but remains well above its 52-week low of 656. The stock is currently fluctuating around its 200-day SMA, which may act as a support level. However, it is trading below its short-term moving averages (10, 20, 30, 50, and 100-day EMAs and SMAs), indicating bearish pressure in the short to medium term. The RSI is below 45, suggesting weak momentum. The MACD is negative, further confirming the bearish sentiment. The ADX is low, indicating a weak trend. Traders should monitor for a decisive break below the 800 level, which could trigger further downside towards the previous swing low. Resistance is observed around the 820-830 zone, where several moving averages converge. The high ATR values indicate significant volatility. Given the bearish signals from multiple indicators and the stock trading below key moving averages, traders should proceed with caution and consider short positions if the support level is breached.