Themis Medicare Limited (THEMISMED) Stock - Complete Technical Analysis - Oct 01, 2024

Themis Medicare Technical Analysis: Key Support & Resistance Levels to Watch

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.

Technical Analysis of Themis Medicare Limited (THEMISMED)

As of today, Themis Medicare Limited is trading at 282.50, showing resilience as it stands 6.77% below its recent 52-week high of 303, achieved on September 26, 2024. Over the past year, the stock has rallied impressively, being 98.94% above its 52-week low of 142 recorded on November 6, 2023.

Price Trends & Gaps

Analyzing recent price movements, we see a notable gap down from the previous trading day with an open at 273.50 and a low at 270.05, indicating potential selling pressure. However, the high of 288.00 today suggests buyers are still active. In the past week, the stock experienced a volatility phase, with price surges and drops indicating indecision among traders. The recent surge to 303 was met with selling pressure, creating a classic resistance level.

Support & Resistance Levels

Immediate support is seen around the 270 mark, which corresponds with historical trading patterns. Resistance is clearly established at the 303 level, where recent price action faced strong selling pressure. Traders should watch for a decisive break above this resistance, as it may indicate further bullish momentum.

Technical Indicators

The MACD shows bullish signals, indicating potential upward movement, while the RSI is at a neutral zone of 56.6, suggesting that the stock is neither overbought nor oversold. The ADX level at 25.55 indicates that the stock is in a trending phase, albeit weakly. The Stochastic and CCI further support this outlook, with both indicating positive momentum.

Volatility & Reversals

With the average true range (ATR) indicating a significant volatility range, traders should prepare for potential price swings. The market appears to be in a correction phase after reaching its high, which can present opportunities for both short-term and long-term traders.

In summary, Themis Medicare is in a key technical position. Traders should consider entering near the support level while keeping a close watch on resistance levels. The market sentiment appears cautiously optimistic, provided the stock holds above key support.