Shoppers Stop Limited (SHOPERSTOP) Stock - Complete Technical Analysis - Sep 20, 2024

Shoppers Stop Stock Analysis: Key Levels and Market Insights

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. Today, we are diving into the technical analysis of Shoppers Stop Limited, currently trading at 846.10. The stock exhibits a Spinning Top candlestick pattern, indicating market indecision, with today's range showing a high of 854.85 and a low of 838.50.

From a momentum perspective, the RSI is at a neutral level, suggesting neither overbought nor oversold conditions. The MACD shows bullish momentum, while the Awesome Oscillator indicates positive momentum, supporting a potential upward movement.

Support levels are seen at 838.15, derived from the recent low and additional classic pivot points, while resistance is identified around 858.70, aligning with our pivot analysis. The stock is trading approximately 10.31% below its 52-week high of 943.40, which reached on September 12, 2024, and 37.35% above its 52-week low of 616.0, recorded on October 31, 2023.

Moving averages reveal a bullish trend, with the 10-day EMA above the 20-day EMA, signaling positive price action. The Average True Range indicates moderate volatility, suggesting traders should remain vigilant.

With an ATR reflecting a steady range of price movement, coupled with the presence of the inside candle pattern from September 19, traders should watch for a breakout above the recent high or a drop below the recent low to gauge the next directional move.