Coromandel International Limited (COROMANDEL) Stock - Complete Technical Analysis - Sep 26, 2024

Coromandel International Technical Analysis: Is It Time to Buy or Sell

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.

Lets dive into a detailed technical analysis for Coromandel International Limited, currently trading at 1,636. The stock is showing a mixed picture with various indicators suggesting caution in the short term. The current price is about 8.66% below its 52-week high of 1,789, reached on August 22, 2024, and 60.36% above its 52-week low of 1,019, noted on October 30, 2023.

Analyzing key indicators, the Average Directional Index (ADX) at 26.64 indicates a strengthening trend, while the Relative Strength Index (RSI) of 37.09 suggests the stock is currently in oversold territory. The Stochastic RSI at 3.14 indicates a strong oversold condition, hinting at potential price corrections. The MACD is negative at -11.88, reinforcing bearish momentum, while the Awesome Oscillator of -62.38 supports this view.

Looking at moving averages, the 10-day EMA is at 1,671.25, while the 20-day EMA is slightly higher at 1,686.44. The stock is currently trading below these moving averages, indicating short-term weakness. The classic pivot point stands at 1,710.93, suggesting resistance in the near term. The recent inside candle pattern observed on September 20, 2024, with a parent high of 1,691.2 and a low of 1,606.9 indicates a consolidation phase, which may lead to further price movement.

Support is found at 1,632.87 based on classic pivot levels, with further support at 1,507.48. Its essential for traders to monitor these levels closely, as breaking below the support could lead to more downside, while a move above 1,691.2 may indicate a shift in momentum. With a dividend yield of 0.37% and solid ROCE and ROE figures of 27.1% and 19.8% respectively, fundamental aspects remain attractive, but the technical picture suggests a cautious approach is warranted for the near term.

Stay tuned for more insights as we keep tracking Coromandel International's movements