Meghmani Organics Limited (MOL) Stock - Complete Technical Analysis - Aug 30, 2024

Meghmani Organics (MOL) Stock Analysis: Bullish Trend

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. Let's dive into the technical analysis of Meghmani Organics Limited (MOL). The stock is currently trading at 101, reflecting a notable position in the market.

Support and Resistance Levels:

Support Levels: The key support levels for MOL are at 85.41, 80.91, and 73.48, based on various pivot points including Classic, Fibonacci, and Camarilla pivots.

Resistance Levels: Significant resistance levels are seen at 109.27, 97.34, and 92.84.

Technical Indicators:

MACD: The MACD shows a positive momentum, indicating a bullish trend.

RSI: The RSI is in the bullish zone, suggesting that the stock is slightly overbought but still strong.

ADX: The ADX is high, suggesting a strong trend.

Stochastic Oscillator: The Stochastic %K is in the overbought zone, which could signal a potential reversal or consolidation.

Moving Averages: The stock is above its short-term and long-term moving averages, indicating an overall bullish trend. The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) align in suggesting an uptrend.

Volume Weighted Moving Average (VWMA): The VWMA is slightly below the current price, confirming the uptrend.

Ichimoku Cloud: The Ichimoku Base Line is below the current price, supporting a bullish outlook.

Average True Range (ATR): The ATR is relatively stable, indicating moderate volatility.

Chart Patterns and Observations:

The stock is trading near its 52-week high of 108.4, currently at 100.75, showing strong performance compared to its 52-week low of 71.4.

The stock is 41.11% above its 52-week low, indicating significant appreciation.

Overall, the stock exhibits a bullish trend with strong technical indicators. Traders should watch for potential resistance at higher levels and support around the pivot points.