Concord Biotech Limited (CONCORDBIO) Stock - Complete Technical Analysis - Sep 19, 2024

Concord Biotech Technical Analysis: Key Support & Resistance Levels September 2024

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. Concord Biotech Limited (CONCORDBIO) is currently trading at 2,251, which is 3.50% below its 52-week high of 2,332 and a significant 134.75% above its 52-week low of 959.

The stock shows a strong bullish trend with high momentum and robust MACD readings. The RSI, Stochastic RSI, and Williams Percent Range indicate that the stock is in an overbought condition, suggesting caution for potential short-term pullbacks. The ADX level indicates a strong trend, which is confirmed by the high Bull Bear Power and Awesome Oscillator.

Support levels to watch are around 2,040 and 1,980, while resistance is evident near 2,320 and 2,370. The presence of an inside candle pattern from September 18, 2024, suggests that the stock might be consolidating within a range, which could provide clues for breakout or breakdown opportunities.

Given the current positioning above the moving averages and the strong trend indicators, traders should remain alert for potential price corrections or consolidations while keeping an eye on breakout opportunities if the stock moves beyond key resistance levels.