IRM Energy Limited (IRMENERGY) Stock - Complete Technical Analysis - Sep 13, 2024

IRM Energy Limited Technical Analysis: Bullish Reversal or More Downside NSE Stock 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.

Technical Analysis of IRM Energy Limited (IRMENERGY)

The stock of IRM Energy Limited is currently trading at 458. Key technical indicators suggest mixed signals. The stock is 28.53% below its 52-week high of 641 and 13.39% above its 52-week low of 404.

Support and Resistance Levels:

Immediate support is seen around 396.6, with stronger support at 369.8.

Immediate resistance is around 457.6, with stronger resistance at 491.8.

Chart Patterns: A Piercing Pattern is observed, indicating a potential reversal. The pattern suggests that a bullish trend might be emerging as the stock has recently moved from 450.55 to 468.3.

Technical Indicators:

MACD is showing bullish signs with the level currently positive.

RSI is at 62, indicating a moderately strong upward trend but not yet overbought.

ADX is at 29.57, suggesting a strong trend is in place.

Stochastic %K is high, hinting at possible overbought conditions.

Moving Averages: The stock is trading below the 200-day SMA of 495.07, indicating a longer-term downtrend, but above shorter-term SMAs suggesting near-term support.

Ichimoku Base Line is at 437.75, acting as a support level.

ATR shows increased volatility, with recent values trending higher, indicating that price fluctuations are widening.

Overall, the stock shows a potential for upward movement in the short term but remains under pressure from longer-term trends. Traders should be cautious and watch for confirmation of a trend reversal or further consolidation.