Bharat Rasayan Limited (BHARATRAS) Stock - Complete Technical Analysis - Dec 20, 2024

BHARATRAS Stock Analysis: Downtrend Continues

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.

Bharat Rasayan (BHARATRAS), currently at 10,604, has seen a considerable decline from its 52-week high of 14,284, signifying a notable correction. The stock is also trading above its 52 week low of 8332. Recent price action confirms an ongoing downtrend, with the stock falling below multiple key moving averages, including the 10, 20, 30, 50, 100 and 200-day EMAs and SMAs. This indicates significant bearish momentum. The RSI, below 40, points to weakness, and the negative MACD reinforces the bearish sentiment. Other oscillators, such as the CCI, Awesome Oscillator, and Williams Percent Range, also show negative readings. The increasing ADX suggests a strengthening trend, implying a potential continuation of the downtrend. Traders should watch for a possible rebound from recent lows, but anticipate strong resistance around the 11,000 level, where various moving averages converge. Immediate support is expected near 10,500. A decisive break below this level could lead to further declines. The high ATR values indicate substantial volatility, which traders should consider. The recent price action confirms the downtrend with consistent lower highs and lower lows. Traders should be cautious and refrain from taking long positions until a clear reversal signal appears.