Poly Medicure Limited (POLYMED) Stock - Complete Technical Analysis - Sep 19, 2024

Poly Medicure Stock 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. Poly Medicure Limited (POLYMED) is currently trading at 2,465, which is approximately 8.2% below its 52-week high of 2,686.6 and about 97.2% above its 52-week low of 1,250.1.

The technical indicators reveal a mixed outlook. The RSI is comfortably in the neutral zone, suggesting no immediate overbought or oversold conditions. However, the Stochastic %K and Stochastic RSI indicate that the stock may be experiencing a mild consolidation phase. The MACD is showing strong positive momentum, which aligns with the recent bullish trend. The Awesome Oscillator supports this bullish view with a strong positive reading.

Support levels are observed near 2,440 and 2,370, while resistance is likely around 2,475 and 2,530. The Average Directional Index indicates a strong trend, suggesting that the current trend may continue. The high reading in Momentum highlights strong momentum in the recent past, but be aware of potential reversals if the stock hits resistance levels. The Commodity Channel Index and Bull Bear Power readings further indicate bullish sentiment.

A recent inside candle pattern, noted on September 3rd, 2024, suggests consolidation within the range of 2,686.6 and 2,378.15, with the stock trading within this range for 13 days. This pattern could indicate potential for breakout or continuation of the current trend.

Traders should monitor the support and resistance levels closely and consider the broader trend as indicated by the ADX and MACD readings. The high volatility, as indicated by the ATR, suggests that traders should be prepared for price fluctuations.