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Neogen Chemicals Limited (NEOGEN) Stock - Complete Technical Analysis - Dec 20, 2024

"Neogen Chemicals Stock Analysis Support, Resistance & Key Trading 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. Neogen Chemicals Limited (NEOGEN) is currently trading at 2,195.20, experiencing a 9.29% drop from its 52-week high of 2,420. Despite this recent dip, it has surged 86.67% from its 52-week low of 1,176, highlighting its overall positive performance. Looking at technical indicators, the Relative Strength Index (RSI) is at 53.84, indicating that the stock is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is showing bullish momentum, with the fast line above the slow line, which could indicate further upward movement if sustained.

The candlestick patterns, including the Doji and Bearish Harami, suggest indecision in the market, which could lead to short-term pullbacks or sideways consolidation. However, the presence of the Spinning Top pattern on Dec-19 signals market hesitation, potentially leading to volatility in the near term.

On the price chart, NEOGEN is currently testing its support zone around 2,130, with the 20-day EMA at 2,165.82 acting as a short-term trend guide. A failure to hold above this support level may lead to further declines toward the 2,100 mark, while the 2,250-2,300 region serves as the immediate resistance area.

Given the high ATR, traders should be cautious of sudden price movements and look for a breakout above 2,250 for long trades or a retracement to support for potential buying opportunities. The stock is in a strong long-term uptrend, but short-term traders should be prepared for possible reversals or consolidation phases.





 

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