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Ircon International Limited (IRCON) Stock - Complete Technical Analysis - Sep 18, 2024
Ircon International Stock Analysis: Bearish Phase & Key Support Levels NSE Technical Review
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 analyze Ircon International Limited, currently trading at 227. The stock is significantly below its 52-week high of 351.6, which it reached in mid-July, but its 78.39% above its 52-week low of 127.25.
The technical indicators suggest a bearish outlook. The MACD is negative, reflecting downward momentum, while the RSI indicates the stock is in the oversold zone. This suggests that the stock might be due for a rebound, but caution is advised. The Stochastic %K and Stochastic RSI confirm that the stock is deeply oversold, potentially signaling a possible reversal if buying interest increases.
Trend indicators show that the ADX is relatively high, indicating a strong trend, but the Ichimoku Base Line is positioned above the current price, suggesting resistance. The stock is trading below most of its moving averages, including the 10, 20, and 50-day EMAs, further confirming the bearish trend. The Hull Moving Average, however, is below the current price, hinting at possible support.
In terms of support and resistance, immediate support is likely around 227, with further support levels around 206.72 based on historical data. Resistance may come into play around the 250 to 270 range, reflecting recent pivot points.
In summary, Ircon International Limited is currently in a bearish phase with the potential for a rebound if buying momentum picks up. Traders should monitor support levels closely and watch for signs of reversal before making significant moves.
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