Lumax Industries Limited (LUMAXIND) Stock - Complete Technical Analysis - Sep 12, 2024

Lumax Industries Stock Analysis Support, Resistance & Bearish Trends September 2024 Review

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. Lumax Industries Limited is currently trading at 2689, reflecting a significant drop from its 52-week high. The technical indicators suggest a bearish trend. The Average Directional Index (ADX) is low, indicating a weak trend, while the RSI and Stochastic Oscillator show that the stock is in the oversold zone, suggesting potential for a rebound. The MACD is below the signal line, reinforcing the bearish sentiment. Additionally, the Momentum and Commodity Channel Index (CCI) indicate that the stock is under selling pressure.

Support levels are likely to be around 2600, which is supported by the Ichimoku Base Line and various moving averages. Resistance is expected near 2800, aligning with several pivot points and the Volume Weighted Moving Average. Given the current bearish indicators, traders should monitor these levels closely. While the stock is showing potential for a bounce from support, the overall trend remains weak, so caution is advised.