AstraZeneca Pharma India Limited (ASTRAZEN) Stock - Complete Technical Analysis - Sep 27, 2024

AstraZeneca Pharma Stock Analysis Support & Resistance Levels, Technical Indicators Explained

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.

AstraZeneca Pharma India Limited (ASTRAZEN) is currently trading at 7186, which is approximately 10% below its 52-week high of 8040 and 66% above its 52-week low of 4311. The stock recently exhibited an Inside Candle pattern, suggesting potential price consolidation. The RSI indicates moderate strength, while the ADX suggests a trend lacking clear momentum at the moment. The MACD shows positive divergence, reflecting bullish momentum, and the Awesome Oscillator confirms this upward trend. However, the Stochastic Oscillator suggests caution, with the possibility of short-term price pullbacks.

The stock is currently trading near its key moving averages, with the EMA values indicating possible support around the 7000 level, while the Hull Moving Average is higher, suggesting the potential for some upside volatility. Immediate resistance is near 7550, where price momentum may face challenges, and the first major support is around 6850, where any dip could stabilize. With a high P/E ratio, traders may want to be cautious of potential overvaluation, but strong ROCE and ROE reflect the companys solid financial fundamentals.

The appearance of multiple moving averages in close proximity suggests that a break above the resistance zone could trigger further bullish momentum, while a breakdown could test support levels. Traders should monitor key indicators like the MACD and RSI to assess market sentiment as the price navigates these crucial levels.