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Shah Alloys Limited (SHAHALLOYS) Stock - Complete Technical Analysis - Sep 23, 2024

Shah Alloys Stock Analysis: Key Levels and Patterns to Watch

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. In this technical analysis of Shah Alloys Limited, currently priced at 82.1, we see a stock that has demonstrated strength, trading well above its 52-week low and not far from its recent high. The presence of a bullish Harami pattern suggests potential upward momentum, though the spinning top indicates some market indecision.

Support levels are positioned at around 80 and 75, while resistance can be expected near 83 and 84. The Average Directional Index reflects a strong trend, which may signal further price action in the near term. With the MACD showing bullish divergence and the Relative Strength Index hovering in neutral territory, traders should watch for breakout opportunities, particularly if the stock can hold above the key support levels.





 

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