Rossell India Limited (ROSSELLIND) Stock - Complete Technical Analysis - Sep 13, 2024

Rossell India Stock Analysis: Key Support & Resistance Levels Technical Outlook

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. Rossell India Limited (ROSSELLIND) is currently trading at 565, showing some bearish momentum as indicated by key technical indicators. The RSI is at a neutral 46, suggesting the stock is neither overbought nor oversold. However, the Stochastic %K at 18 and the Williams Percent Range at -86 show the stock is nearing oversold conditions, hinting at a potential reversal.

The MACD is in negative territory, indicating bearish momentum, while the ADX suggests a moderate trend strength. Momentum is also negative, confirming the recent downtrend. With the stock trading 15% below its 52-week high, it faces significant resistance around the 580-590 levels, as indicated by various moving averages and the Ichimoku Base Line.

Support is seen near the 530-540 range, where the Fibonacci and Woodie Pivot levels coincide. If the stock breaks below these support levels, it could retest the 490-500 zone.

The recent Inside Candle pattern reflects consolidation, which may precede a breakout. Traders should watch for a breakout above 578 or a breakdown below 561 for further direction. With the current trend, caution is advised, and a clear breakout or breakdown could offer the next trading opportunity.

Overall, the stock shows mixed signals with a bearish bias, but oversold conditions could lead to a short-term reversal. Traders should keep an eye on key support and resistance levels.