Greenlam Industries Limited (GREENLAM) Stock - Complete Technical Analysis - Sep 20, 2024

Greenlam Industries Stock Analysis Key Support and Resistance Levels

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. Greenlam Industries Limited is currently trading at 537.80, which is 18.76% below its 52-week high of 662 and 38.54% above its 52-week low of 388. The stock exhibits a P/E ratio of 48.6, reflecting high market expectations for growth. The fundamentals indicate a stable business model with moderate ROCE and ROE figures, suggesting a decent return on capital and equity.

Technically, the RSI is around 41, signaling a neutral momentum. The recent Bearish Engulfing pattern indicates potential selling pressure, with today's close lower than previous highs. The MACD shows a negative value, hinting at a bearish trend, while the ADX suggests a lack of strong directional movement, making the market less predictable at this time.

Key support for Greenlam is expected around the 540 level, while resistance can be found near 570. Traders should be cautious, given the bearish signals, and watch for a breakout above resistance for potential upward movement or a fall below support for further downside risk. Overall, Greenlam appears to be in a consolidation phase, making it essential for traders to remain alert to price action in the coming sessions.