Manorama Industries Limited (MANORAMA) Stock - Complete Technical Analysis - Sep 12, 2024

Manorama Industries Stock Analysis Support, Resistance & Market Trends September 2024 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. Manorama Industries Limited is currently trading at 817, reflecting a pullback from its recent 52-week high. The technical indicators present a mixed outlook. The Average Directional Index (ADX) is high, suggesting a strong trend, but the RSI indicates that the stock is nearing neutral territory, suggesting a potential for consolidation. The MACD is above the signal line, signaling a bullish momentum, but the Stochastic Oscillator and Williams Percent Range suggest that the stock may be overbought.

Recent chart patterns reveal a Doji and a Bullish Harami, both indicating indecision in the market and potential for a reversal or consolidation. The Spinning Top pattern further supports this indecision.

Key support levels are likely around 795, where the Ichimoku Base Line and various moving averages converge. Resistance is expected near 844, influenced by the Volume Weighted Moving Average and other pivot levels. Given the current market patterns and indicators, traders should watch these levels closely for potential breakout or breakdown opportunities.