Shoppers Stop Limited (SHOPERSTOP) Stock - Complete Technical Analysis - Sep 27, 2024

Shoppers Stop Technical Analysis: Key Support and Resistance Levels 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. Today, let's analyze Shoppers Stop Limited, currently trading at 830. This stock has shown considerable volatility, with a 52-week high of 943.4 reached in September and a low of 616 in October. Currently, it is approximately 12% below its 52-week high and 34.72% above its 52-week low.

From a technical perspective, the Average Directional Index (ADX) suggests a strong trend, which can be beneficial for traders looking for momentum plays. The Relative Strength Index (RSI) is hovering near neutral territory, indicating that the stock may not be overbought or oversold at this time. However, the Stochastic indicator indicates a potential pullback, as it is approaching a critical level.

The MACD is positive, suggesting bullish momentum, although momentum readings have shown some weakness recently. Traders should be cautious as the Awesome Oscillator indicates mixed signals, suggesting indecision in the market.

Looking at the moving averages, the stock is trading below both its 10-day and 20-day Exponential Moving Averages (EMA), which may act as resistance levels. Key support is noted around the 800 level, where traders may find buying interest, while resistance appears at the psychological level of 860. The combination of these factors suggests that Shoppers Stop could see increased volatility in the near term, and traders should watch for potential breakouts or breakdowns from these key levels.