Paradeep Phosphates Limited (PARADEEP) Stock - Complete Technical Analysis - Sep 20, 2024

Paradeep Phosphates Stock Analysis Key Support and Resistance Levels Buy or Wait

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. Paradeep Phosphates Limited (PARADEEP) is currently trading at 82.51, reflecting a 16.11% dip from its 52-week high of 98.35, recorded on July 31, 2024. On the flip side, the stock is 40.68% above its 52-week low of 58.65, achieved on October 26, 2023. The stock's price momentum appears weak, as seen with key indicators such as RSI hovering near 41, suggesting a neutral to bearish trend. MACD indicates a slight bearish crossover, which could signal downward momentum in the short term. ADX is at a low value, pointing to a lack of strong trend direction.

The stock also saw an Inside Candle pattern on September 19, 2024, suggesting indecision in the market. Traders might expect some volatility or potential breakout, as the stock has been consolidating within a narrow range. The Stochastic indicators and Williams Percent Range are showing oversold conditions, which might indicate a potential rebound, but confirmation is required from other indicators.

The various moving averages (SMA and EMA) show the stock is trading below its short-term and medium-term averages, implying a bearish bias in the short term. The Awesome Oscillator is in negative territory, adding to the bearish outlook, while the Momentum indicator is also negative, indicating that the recent price movement lacks upward strength.

For support, the stock may find a strong base around the 78-80 range, while immediate resistance lies around 85-87 levels. If the stock manages to break above these levels, it could head towards the previous highs, but caution is advised due to the weak technical setup.