Honasa Consumer Limited (HONASA) Stock - Complete Technical Analysis - Sep 19, 2024

Honasa Consumer (HONASA) Stock Analysis: Key Levels & Trend Insights 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. Honasa Consumer Limited (HONASA) is currently trading at 470, which is 14.07% below its 52-week high of 547 and 83.40% above its 52-week low of 256.

The technical indicators for HONASA present a bearish to neutral outlook. The RSI is in the lower range, indicating the stock is potentially oversold. The Stochastic %K and Stochastic RSI are also in oversold territory, suggesting a possible reversal or continued weakness. The MACD is negative, which reinforces the bearish trend.

A Hammer candlestick pattern has been observed, which often indicates a bullish reversal, but given the current indicators, this signal might be less reliable without confirmation from other indicators. The ADX is above 20, suggesting a strong trend, but with current momentum and the Commodity Channel Index showing significant bearishness, traders should be cautious.

Key support levels are around 451 and 478, while resistance is seen at 494 and 500. The ATR suggests significant volatility, so traders should be prepared for large price swings.