Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Sep 23, 2024

Shilpa Medicare Stock Analysis: Key Levels to Watch for Traders

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, let's dive into the technical analysis of Shilpa Medicare Limited, currently trading at 856.95. The stock is showing strong momentum indicators, with the MACD indicating bullish strength. The RSI is hovering around 60, suggesting the stock is neither overbought nor oversold, which is a positive sign for potential upward movement.

Support levels are positioned at key Fibonacci levels, while resistance can be observed near the recent high of 882.33. The stock recently formed a Dark Cloud Cover pattern, indicating a potential reversal, especially after the inside candle pattern seen on September 19, where the stock traded within a tight range, reflecting indecision among traders.

The Average Directional Index is quite high, suggesting a strong trend, while the Awesome Oscillator confirms the bullish momentum. The stock is currently trading about 10.69% below its 52-week high of 959.5 and is significantly above its 52-week low of 296.8, indicating a strong recovery trend.

Overall, traders should watch for a break above the resistance level to confirm the bullish trend, while keeping an eye on support for potential buying opportunities.