Mangalam Drugs And Organics Limited (MANGALAM) Stock - Complete Technical Analysis - Sep 23, 2024

Mangalam Drugs: Key Technical Analysis for Smart Trading

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 analyze Mangalam Drugs and Organics Limited, currently trading at 129. The stock shows a bearish shooting star pattern, indicating a potential reversal after reaching a recent high. Notably, the stock is trading approximately 11% below its 52-week high of 144.99, achieved on August 26, 2024, and about 42% above its 52-week low of 90.8 from March 28, 2024.

Looking at the technical indicators, the Average Directional Index (ADX) suggests a weak trend with values around 28, while the Relative Strength Index (RSI) is hovering near the neutral zone, indicating indecision among traders. The MACD shows a positive momentum but is still under pressure. The Stochastic oscillator is in the oversold region, suggesting potential upward movement, yet the Commodity Channel Index indicates weakness, confirming caution.

Support levels are found near 126.32, while resistance can be anticipated around 145.99. The recent inside candle pattern reflects a consolidation phase, as the stock has traded within the range of 125.99 to 136.8 over the past few days. Overall, traders should be cautious, keeping an eye on these levels as the market digests recent price action.

With the mixed signals from various indicators and a critical resistance level ahead, it may be wise to await confirmation of a trend reversal before making new positions.