Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Sep 25, 2024

MRPL Technical Analysis: Is This the Bottom Watch for Key Levels

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, well analyze the technical position of Mangalore Refinery and Petrochemicals Limited, or MRPL. Currently trading at 178, MRPL is significantly below its 52-week high of 289.25, reflecting a decline of approximately 38.5%. Conversely, it is trading 96.55% above its 52-week low of 90.5, indicating a strong recovery from that level.

Starting with key indicators, the Average Directional Index (ADX) stands at 28.4, suggesting a moderate trend strength. However, the Relative Strength Index (RSI) is currently at 30.47, hinting at potential oversold conditions, which might present a buying opportunity if the stock reverses. The Stochastic %K reading is low at 7.54, further indicating that MRPL may be undervalued at this time.

Examining the Moving Averages, the stock is trading below the 10, 20, 30, and even 50-day EMAs and SMAs, which are all around the 185 to 210 range. This positioning highlights a bearish trend in the short to medium term. The MACD is also negative at -7.21, reinforcing the downward momentum. Additionally, the Awesome Oscillator indicates selling pressure, while the Williams Percent Range is at -95.93, confirming the oversold territory.

On the support and resistance front, MRPL may find support around the 184 level, given its historical significance and pivot points, while resistance is expected near the 210 mark. A breakout above this resistance could suggest a bullish reversal, while a breakdown below support might prompt further declines.

In summary, MRPL currently presents a mixed outlook. Traders should watch for potential reversal signals, especially given the oversold conditions indicated by RSI and Stochastic readings. Keeping an eye on volume and price action around support and resistance levels will be crucial for making informed trading decisions.