Marico Limited (MARICO) Stock - Complete Technical Analysis - Sep 25, 2024

Marico Ltd Technical Analysis Key Support, Resistance Levels & Bearish Pattern Insight

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.

Marico Limited (MARICO) is currently trading at 689.20, showing a strong position as it is just 3% below its 52-week high. The stock has maintained positive momentum, reflected in key technical indicators. The RSI is in neutral territory, suggesting the stock is neither overbought nor oversold at this point. The MACD is positive, indicating a bullish sentiment, while the ADX shows a moderate trend strength. Additionally, the Stochastic Oscillator is hovering around the overbought zone, signaling potential consolidation or a minor pullback in the short term.

The Awesome Oscillator also supports bullish momentum, further confirmed by the positive Bull Bear Power. However, a Bearish Engulfing pattern has been identified, indicating some near-term weakness, and traders should watch for potential retracements. If the price corrects, support could be found around the 670-680 range, aligning with the 50-day EMA and other moving averages. Resistance is seen near the 710-720 level, which could be tested again if bullish momentum continues.

In conclusion, Marico is trending positively with signs of potential short-term consolidation. A breakout above the 710 level would suggest further upward movement, while a dip below key support levels may trigger a pullback. Traders should monitor volume and price action closely.