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Star Health and Allied Insurance Company Limited (STARHEALTH) Stock - Complete Technical Analysis - Sep 18, 2024

Star Health Stock Analysis: Key Support & Resistance Levels Technical Insights for Traders

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 Star Health and Allied Insurance Company Limited (STARHEALTH)

Currently trading at 604, Star Health is witnessing a dynamic phase in its technical landscape. The stock is 8.02% below its 52-week high of 656.7, recorded on September 18, 2023, and 32.82% above its 52-week low of 454.8, hit on March 1, 2024.

Support and Resistance Levels: The key support levels to watch are around the Classic Pivot Support S1 at 581.73 and the Fibonacci Support S1 at 582.03. These levels are crucial as they represent potential buying opportunities if the price moves lower. Conversely, resistance is likely around the Classic Pivot Resistance R1 at 658.13 and the Fibonacci Resistance R1 at 640.4. Breaking these levels could signal a bullish trend.

Moving Averages: The stock's position relative to its moving averages reveals some insights. It is currently trading below the 10-day and 20-day Exponential Moving Averages (EMAs), which are at 615.38 and 613.78, respectively. This suggests a short-term bearish outlook. However, the stock is trading above the 50-day and 100-day EMAs, which are at 599.34 and 583.66, indicating a potential medium-term support.

Technical Indicators:

MACD: The MACD line is above the signal line, signaling a bullish trend. However, the overall MACD level is declining, suggesting weakening momentum.

RSI: The Relative Strength Index (RSI) is at 46.01, which is neutral but leaning towards the oversold territory.

ADX: The Average Directional Index (ADX) is at 20.45, indicating a weak trend strength.

Stochastic Indicators: The Stochastic %K and Stochastic RSI are deeply in the oversold region, indicating potential for a reversal.

Commodity Channel Index (CCI): The CCI is in the negative territory, which further supports the potential for a reversal if the stock starts to show bullish signals.

Chart Patterns and Observations: The stock's position below its recent highs and resistance levels could suggest consolidation before a potential breakout. Volume trends and volatility are essential to monitor, with the Average True Range (ATR) increasing, indicating higher volatility and possible larger price swings.

Overall, traders should keep an eye on the support and resistance levels mentioned and monitor the technical indicators for signs of trend reversal or continuation.







 

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