Apollo Hospitals Enterprise Limited (APOLLOHOSP) Stock - Complete Technical Analysis - Sep 16, 2024

Apollo Hospitals Technical Analysis Key Support & Resistance Levels APOLLOHOSP Stock Update

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. Apollo Hospitals Enterprise Limited (APOLLOHOSP) is currently trading at 7031.35, just below its 52-week high, indicating bullish momentum. The stock is consolidating near key resistance levels after forming a Doji and a Spinning Top, signaling market indecision. The Bullish Harami pattern suggests potential reversal and a possible upward breakout. With a Relative Strength Index (RSI) around 64, the stock is nearing overbought territory, implying caution for buyers, but no immediate signs of reversal. The Average Directional Index (ADX) at 21.75 shows a weak trend, indicating that a strong directional move is yet to develop. The MACD remains positive, confirming bullish momentum. Additionally, the Stochastic Oscillator, hovering above 80, suggests that the stock might be overbought in the short term.

Moving averages support the bullish sentiment, with the stock trading above its 10-day, 20-day, and 50-day EMAs. However, the Awesome Oscillator hints at some consolidation, as it shows diminishing bullish strength. Key support levels lie around 6800, and a break below this could lead to a retest of lower support zones. Conversely, a move above 7099 could confirm the start of a new upward trend, potentially driving the stock to new highs. Traders should watch for a breakout from the current consolidation, paying close attention to momentum indicators like MACD and RSI for confirmation.