Responsive Industries Limited (RESPONIND) Stock - Complete Technical Analysis - Sep 20, 2024

Responsive Industries Stock Analysis Key Support & Resistance Levels Explained

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. Responsive Industries Limited (RESPONIND) is currently trading around 278.85, slightly below its 200-day Exponential Moving Average, indicating some potential resistance in the near term. The stock is trading 23.59% below its 52-week high, suggesting room for recovery but also caution on potential overvaluation. The P/E ratio of 228 and the low ROE and ROCE values indicate a highly priced stock with limited profitability, making it less attractive fundamentally.

From a technical standpoint, key indicators are neutral to slightly bullish. The RSI suggests the stock is neither overbought nor oversold, indicating potential sideways movement in the short term. MACD shows a bullish signal, reflecting some positive momentum, but the low ADX indicates that the trend strength is weak. The Awesome Oscillator and Momentum indicators support this by showing moderate bullishness. However, with the Average Directional Index at a low level, the stock may struggle to sustain any significant upward movement without strong volume.

The moving averages present mixed signals. The shorter-term EMAs are close to the current price, suggesting immediate resistance around the 280285 range. The longer-term SMAs and EMAs are higher, which could act as significant resistance, especially near the 295300 range. Support is seen around 250255, based on pivot points and Fibonacci levels.

In terms of chart patterns, the stock appears to be consolidating, forming a base after recent declines. Traders should watch for a breakout above 285 to signal further upside potential. On the downside, breaking below 250 could lead to further corrections.

Overall, RESPONIND presents an interesting opportunity for swing traders, but caution is advised given its high valuation and weak trend strength. Short-term support is around 250, with resistance levels at 285 and 295.