Dhanuka Agritech Limited (DHANUKA) Stock - Complete Technical Analysis - Sep 20, 2024

Dhanuka Agritech Stock Analysis Key Support & Resistance Levels Revealed

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.

Dhanuka Agritech Limited (DHANUKA) is currently trading at 1,557.65, reflecting a notable 19.12% decline from its 52-week high of 1,925.8, while being a remarkable 103.72% above its 52-week low of 764.6. The technical indicators suggest a bearish sentiment, with an RSI indicating the stock is nearing oversold conditions. The MACD shows a negative divergence, reinforcing the current downward pressure. Additionally, the ADX indicates a strengthening trend, albeit with weak directional movement. The recent Bullish Harami pattern might signal a potential reversal, particularly if the stock can breach key resistance levels. Immediate support is observed around the 1,530 level, while resistance is expected near 1,590 and again around 1,620. Traders should monitor these levels closely, as a break above resistance could indicate a shift in momentum, while a drop below support may confirm the ongoing bearish trend.